Manisha Thakor has worked in financial services for over 30 years with a focus on women’s economic empowerment. She has written two personal finance books for women in their 20s and 30s. Her latest book MoneyZen: The Secret to Finding Your “Enough,” will be released in early August, 2023. 

Manisha shared that she was exposed to financial concepts at a very young age. Her father worked in the finance industry and taught her and her brother the power of compounding interest in a fun way. He showed them how to use his HP 12C financial calculator to calculate the dollars they would accumulate by saving rather than spending their babysitting and lawn mowing money. Her mother also taught her that money gives women voices and choices.

She was recruited into a two year investment banking training program after college, the traditional route for people interested in a finance career, and realized after 6 months that she detested it!  Instead, she was drawn to investment management, finding that she had a deep passion for understanding the markets and understanding personal finance.

Though she enjoyed the work, Manisha became trapped in the "never enough" mindset. She had been an awkward, ridiculed, chubby kid in her early years, and, no matter how successful she was, she continued to be driven to receive more accolades in her career, and more outward symbols of material wealth and achievement.

“Shockingly, a large percentage of successful people or just driven people are driven by small "t" traumas to some extent, and on the surface, just like my experience, it can seem ridiculously small, but have a ridiculously huge impact in terms of how you live your adult life.” - Manisha Thakor

Key takeaways:

- Understand the multifaceted reasons behind your “never enough” mindset. So many of us have a sense of scarcity, around our money, or work, or accomplishments, or other areas of our lives. Manisha noted that, before we can fix it, we need to understand the root cause. In her case, she attributes the root cause to small “t” traumas of bullying and not fitting in that happened when she was very young yet continue to live on in her psyche.

- Learn to listen to the wisdom of your body. It took a physical wake up call from her body for Manisha to finally slow down. Her high stress levels combined with some other vulnerabilities sent her to the hospital, ultimately requiring her to take several months of bedrest and time off from work under doctor’s orders. 

- Identify the equation you’ve been living your life by. For each of us, that equation may be different.  In Manisha’s case, she realized she was believing that her self worth = her net worth. Once she recognized this, she was able to put practices in place to flip the equation to “financial health + emotional wealth = money zen.”

- Know that, when you implement change in your life, it will be three steps forward, one step back. Manisha found herself back in the “never enough” head as she began to market her new book, “Moneyzen: The Secret to Finding Your Enough”. Because you can always do one more podcast, one more interview, one more marketing activity. The key is to recognize when you’re falling back into old ways of being, don’t beat yourself up for it, but instead tap into the new equation you’ve chosen to live your life by. 

About the guest:

Manisha Thakor has worked in financial services for over 30-years with a focus on women’s economic empowerment. A nationally recognized thought-leader around the issues of financial literacy and education, Manisha has been featured in national media such as The Wall Street Journal, The New York Times, Barron’s, CNN, and CNBC. She has written two personal finance books for women in their 20s and 30s. Her latest book MoneyZen: The Secret to Finding Your “Enough” comes out on August 8th 2023. Manisha earned her MBA from Harvard Business School, her BA from Wellesley College and holds the CFA and CFP designations.

Purchase Manisha's book, MoneyZen: The Secret to Finding Your "Enough"

Linkedin:- https://www.linkedin.com/in/manishathakor/

Facebook: https://www.facebook.com/ManishaThakor/

Instagram: https://www.instagram.com/manishathakor/?hl=en

Twitter: https://twitter.com/ManishaThakor

Website:- https://moneyzen.com/

Email address: [email protected]

Take the MoneyZen quiz.

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Lana Gifas joined the Women’s Mentoring Network as Executive Director in 2015. The organization focuses on the economic empowerment of women and their families, providing support services that focus on finding better employment and educational opportunities. 

 Lana shared that a strong work ethic was instilled in her by her father, who was a first generation American. She heard him leave early in the morning, 3:00 or 4:00 am, to go to Hunts Point Market to purchase produce for his fruit and vegetable store. She and her brother worked since they were teenagers, in food service or in retail.

After graduating from college, Lana joined Citibank as they were expanding their customer service for Fortune 500 companies, This began her multi-decade career working with corporate loans, culminating in a position working 24/7 as a manager in charge of documentation and loan closings at UBS Investment Bank. When an organization of which she was a board member, Women's Mentoring Network, approached her about taking over the Executive Director position from the founder who was retiring, she jumped at the chance. 

“I was the primary breadwinner for many years, so I said this is my time; I could  go back to school and I could start at the bottom of the education or nonprofit world, or I could start as the executive director of a smaller organization, but the support would be there.”  - Lana Gifas

Key takeaways:

- Be a self-advocate. Lana knew that she was ready to step out of the financial services world, and into a new role as executive Director of a small not-for-profit. Rather than just walk away from her position with UBS, she advocated for herself, agreeing to stay with the team and help them through a transition, in exchange for a generous severance package. 

- When planning a career transition, be intentional about preparing financially. Lana and her husband, who also left banking and started a business, made sure their healthcare was covered and that their savings would enable Lana to change careers while still meeting their commitment to pay for their children’s college education. 

- Learn something new each day. When making a transition to the non-profit world, Lana relied on many people and resources to guide her. She attended online sessions about fundraising and boards, and even took some related college courses to help educate herself. Lana notes that the world is always changing, and it’s important to be open to learning new things. 

About the guest:

Lana Gifas joined Women’s Mentoring Network as Executive Director in 2015. Women’s Mentoring Network, a nonprofit located in Stamford, CT, focuses on economic empowerment of women and their families, providing support services that focus on finding better employment and educational opportunities. Ms. Gifas earned her MBA and undergraduate degree from The Gabelli School of Business at Fordham University. Ms. Gifas has worked at various financial institutions throughout her career prior to transitioning to her current role at Women's Mentoring Network. Lana serves on several committees to help support the efforts of the organization, including Co-Chairing Stamford’s Food Collaborative, serving on a committee for Stamford Cradle to Career’s initiative, and serving on the 2Gen, Financial Literacy, and Internship committees for the CT’s Governor’s Council for Women and Girls. Under her leadership, Women’s Mentoring Network was awarded Moffly Media's Light a Fire Women's Impact Award in 2020, and both the National Association of Social Workers of CT Latino/a/x Award and the SHero Award from the Commission on Women, Children, Seniors, Equity & Opportunity in 2021.

Email Address: [email protected]

Facebook: @womensmentoringnetwork

LinkedIn: linkedin.com/in/lanagifas / https://www.linkedin.com/company/wmninc/

Instagram: @womensmentoringnetwork

Website: https://wmninc.org

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Disclaimer: Please remember that the information shared on this podcast does not constitute accounting, legal, tax, investment or financial advice. It’s for informational purposes only. You should seek appropriate professional advice for your specific information.

Susanna Harkonen is an entrepreneur, and licensed psychological counselor with global business experience. She specializes in individual and organizational well-being and psychological safety and serves as a subject matter expert in the WHO’s Pan-European Coalition on workplace mental health.

Susanna shared that money was "very yin-yang" in her family of origin. On one side of her family, people were very focused on material goods, and measured others by what they earned and what they owned. The other side of her family was more spiritually oriented, and money was very seldom talked about.

Her early upbringing led to her interest in the psychology of money, including issues of shame and, as a trauma therapist, money trauma. As she notes, money is quite a difficult topic for many of us.  It's often easier to deal with childhood trauma or neglect or abuse; financial Issues, however, are often the hardest ones to tackle. 

“By and large, people are more comfortable talking about their sex lives in public than they are talking about their money and what they have in their own account, and what are the shameful areas they have in their lives around money.” - Susanna Harkonen

Key takeaways:

- When it’s time to make a change, you’ll know. Susanna transitioned from a career in business to counseling psychology. Although it may sound like a big leap, Susanna recalls that there was a clear point when she knew that she could no longer work in the business world, that she felt like she was selling her soul. She didn’t feel like she had an option. If she didn’t make the change, she was going to have health problems and burn out.

- Choose a career that reflects your interests. As a lifelong learner, Susanna enjoys the field of psychology, which is always evolving. As she shared, humans are a fascinating species and though things are not as complex as we think they are, being a human is not that simple!

- Though it’s not easy, it is possible to change our conditioned behaviors, around money, around relationships and other areas of our life. Susanna has seen in her own life , as well as in the lives of family and clients, that when you’re willing to face the areas of discomfort rather than turning away, change can happen. She believes in holistic, trauma-informed practices that work with the body, mind and spirit to bring healing, and is especially interested in practices that help to create nervous system safety

About the guest:

Susanna Harkonen is an entrepreneur, and licensed psychological counselor with global business experience. She specializes in individual and organizational well-being and psychological safety and serves as a subject matter expert in the WHO’s Pan-European Coalition on workplace mental health. Susanna combines her hands-on business knowledge with her expertise on mindset, nervous system safety, trauma, relationship patterns, resilience, and grit in her work with organizations and individuals. She delivers training programs on nervous system safety and financial psychology to start-ups, international organizations, and academic institutions. 

Company: Inner Work World LLC

LinkedIn: https://www.linkedin.com/in/susanna-harkonen

Free resource: Reach out for Susanna's whitepaper, The Wisdom of Our Nervous System

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Dorice Horenstein served as an officer in the Israeli army followed by years of leadership in the education field. She is an Oy to Joy speaker who uses her energy and charisma to make the world her platform. Her expertise lies in Mental Fitness & Positive Intelligence. She is also the author of the award-winning bestselling book- Moments of the Heart: Four Relationships Everyone Should Have to Live Wholeheartedly. 

Dorice shared that she grew up in Israel and came to America after meeting her now husband, Bob, on an apple picking machine on a kibbutz. She remembers coming to this country with one suitcase, $600, and no coat in the month of December!

Dorice has always been mission driven, asking herself: what are the gifts that you have that you can impart to other people? In her 22 year old mind, that translated into being an educator; Dorice spent 30 years as a Jewish educator before she transitioned to being a solopreneur. She is now using her unique gifts to be a light and serve others outside of the Jewish community, helping people navigate challenges and shift to a positive mindset.

“So while we didn’t have money in abundance, we had the sense of giving and kindness and openness and really, I think it's probably better than money in abundance. It’s much better to have love and open your heart.” - Dorice Horenstein

Key takeaways:

- When contemplating a life change, have faith that things will be okay. Dorice was on the plane to Israel, flying to visit her sister who had been diagnosed with cancer, when she decided she was going to leave her job of 30 years. She had read the book, The Universe Has Your Back by Gabrielle Bernstein on the flight, and knew with clarity that, though she wasn’t sure what would come next, that it would all work out okay.

As Dorice described, it wasn’t just having faith and sitting on the sofa! She had faith in the universe AND in herself, that she had the discipline to put one foot in front of the other and move forward.

- Know that everything you have done has prepared you for where you are now. Dorice doesn’t regret the years that she spent as a Jewish educator. It taught her compassion, while preparing her for her roles now as a Positive Intelligence coach and motivational speaker. 

- Recognize when your mindset is getting in your way. So many of us, when making a change, can get paralyzed, thinking that we need one more course, or one more certification, before we actually jump in. We as women can be especially stuck in our belief that we need to be perfect before we can move forward. And this feeling of “I’m not good enough yet” can also cause us to undercharge for our services.

Dorice shared how she cultivates confidence in herself and her capabilities, and how she asks God to put the words in her mouth and enable her to inspire people before she goes on stage. She noted that she is able to view challenges in her life as opportunities, and to see herself as a thriver rather than a survivor. 

- Cultivate gratitude. Be present to all the good things already in your life. Dorice practices what she preaches, thanking God for returning her soul to her when she wakes in the morning, and sharing with her husband each day that she loves her life!

About the guest:

After serving as an officer in the Israeli army followed by years of leadership in the education field, Dorice, Oy to Joy speaker, uses her energy and charisma as she transitioned to make the world her platform. Her expertise in Mental Fitness & Positive Intelligence coupled with her award-winning bestselling book Moments of the Heart: Four Relationships Everyone Should Have to Live Wholeheartedly provide Dorice with the opportunity and knowledge to speak on international stages. Dorice inspires others to improve their mental fitness, navigate challenges, discover opportunities for growth and thus find their champion within.

LinkedIn: https://www.linkedin.com/in/doricehorenstein/

Facebook: https://www.facebook.com/dorice.horenstein

Instagram: @doricehorenstein

Website: https://doricehorenstein.com/

Free resources: https://doricehorenstein.com/freebies/

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Disclaimer: Please remember that the information shared on this podcast does not constitute accounting, legal, tax, investment or financial advice. It’s for informational purposes only. You should seek appropriate professional advice for your specific information.

Shelly had a 30+ year career on Wall Street valuing and investing in public and private companies. Her finance specialties include evaluating companies' financials in order to assess financial health, balance sheet management, and leveraging the capital markets and investor relations to maximize value for stakeholders. She serves on the boards of public companies including Bed Bath & Beyond, and has a LinkedIn newsletter called Schmooze, which talks about business relationships for women.

Shelly shared that money was tight while growing up. Both her parents were school teachers and so had a pretty comfortable income, but it was tight for their family of six. In Shelly's words, she had everything she needed but not everything she wanted. Shelly remembers appreciating having her first job, at age 15, which gave her the freedom of summer spending money and financial cushion.

Shelly was a gifted student. She started college when she was 16 years old, and attended Columbia Business School on scholarship. She had worked as a journalist before deciding to get an MBA,  after coming to the realization that she was never going to get ahead financially on a journalist's salary!

Shelly's first job out of business school was doing leveraged finance first at Citibank, then at Drexel, Burnham Lambert. She loved the drama and relevancy of working on deals that were on the cover of the Wall Street Journal the next morning! Later on in her career, she became a frequent guest on CNBC, talking about the auto industry during the financial crisis. She was downsized when the auto industry righted itself, leading to a long period of exploring how her skillset could be used in new roles.

"I started Schmooze, the LinkedIn newsletter, not because I have great tips on networking, but because I wanted to interview amazing women doing amazing things who had a perspective on business relationships and how you leverage them and how you make them work for you." - Shelly Lombard

Key takeaways:

- Have an emergency fund. Shelly went through a difficult period financially when she lost her job in the aftermath of the financial crisis, while her kids were in college. Thankfully, she had a large emergency fund, knowing as she did the inherent volatility of the financial industry. 

- Focus on building your network when you’re exploring what to do next. Women often have difficulty with transactional, business relationships. As a generalization, women tend to build relationships based upon shared interests, while men make friends based on what they can do for each other. Shelly started her LinkedIn newsletter, On the Schmooze, so she could learn from women who have a perspective on how to build robust business relationships.

- Understand how your skill set may extend to new opportunities. Shelly had defined herself narrowly as a “distressed debt investor,” until she realized that her analytical skills could extend to new roles. She is now exploring venture capital investing, and is a limited partner in a venture capital fund that invests in beauty brands that have been launched by people of color. 

About the guest:

Shelly spent 30+ years on Wall Street valuing and investing in companies. Since then, she has served on the boards of several public companies, most recently Bed Bath & Beyond. Recently, she also launched a LinkedIn newsletter for women about business relationships called Schmooze. 

Linkedin:- https://www.linkedin.com/in/shellylombard/

Webinar: Intro to Distressed Debt Investing

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Rabbi Eva serves as Rosh Hashpa’ah, head of Spiritual Direction for the ALEPH Ordination Program, supporting the spiritual development of the seminary students and faculty. She also received rabbinic ordination through ALEPH, the Alliance for Jewish Renewal. She is a spiritual leader who designs transformative learning and ritual opportunities to provide seekers with joyful and creative approaches to Judaism. 

Eva shared that she was the first generation of Americans in her family. Her parents were holocaust survivors who came to America with very little.  She grew up with a sense of scarcity and a constant fear of not having enough. She started working when she was very young, and she was pretty much working full time until last year, when she turned 70!

"I'm taking this year to just breathe into Presence. I was also turning seventy. So I felt like that was a very monumental time for me, you know, to ask: how do I want to live the rest of my life? And it was very clear: it's through joy. It's through creativity. It's through being of service." - Rabbi Eva Saxbolder

Key Takeaways

- You don’t always need to be doing. Eva describes her life in the past: if it’s Monday, it must be Mussar (the study of Soul Traits), if it’s Tuesday, it must be spiritual direction. 

She no longer feels the need to be filling her time in the same way, no longer needs to be doing so much, or having so much. Now, she does her projects in small chunks.

- Follow your pleasure. It’s okay to engage in things that are joyful without guilt. Eva is in the creative facilitator leadership program of the Jewish Studio Project, an organization that combines visual art creation with Jewish text study. She has established a gratitude practice, and asks herself “where’s my pleasure?” in order to recalibrate. 

- Realize that it is possible to make the decision to change your life and then actually do it! Eva left her over 40 year profession of being a speech pathologist. She went to rabbinical school, while working full time and getting the kids ready for school, and ultimately became a Rabbi.

- Know that all the answers, all the wisdom, lies within ourselves. We need to deeply listen, to pay attention to our dreams. Eva encouraged us to tap into our creative sources. Allow ourselves to imagine. And know that along the way there are going to be digressions and bumps and disappointments, but that's not the end of the journey.

About the guest:

Rabbi Eva received rabbinic ordination through ALEPH, the Alliance for Jewish Renewal. An alumna of CLAL’s trans-denominational Rabbis Without Borders and the IJS Clergy Leadership Program, she is also a teacher of Jewish Mindfulness Meditation, Mussar and Wise Eldering. Drawing on her skills as a creative artist, she enjoys integrating the expressive arts into her rabbinate. As a spiritual leader she designs transformative learning and ritual opportunities to provide seekers with joyful and creative approaches to Judaism. Rabbi Eva serves as ‘Rosh Hashpa’ah, head of Spiritual Direction for the ALEPH Ordination Program, supporting the spiritual development of the seminary students and faculty. She maintains a practice as a Jewish spiritual director/companion serving individuals and groups. Rabbi Eva has recently moved to Colorado from Manhattan where she was the Rabbi of The Shul of New York serving Jews and non-Jews across the denominational spectrum in the East Village. As a Rabbi, she is firmly committed to supporting people of all identities and enhancing the spiritual lives of those whom she encounters with an open heart by making them feel welcomed, regardless of background, ability, knowledge, gender or sexual orientation. Her strengths as a rabbi, pastoral caregiver and spiritual director/companion are her abilities to listen deeply and create a sense of loving presence with those she serves. She meets people wherever they are on their spiritual paths to live with more purpose, joy and connection throughout every phase of life. Rabbi Eva's commitment to social justice is an integral aspect of her practices.

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Disclaimer: Please remember that the information shared on this podcast does not constitute accounting, legal, tax, investment or financial advice. It’s for informational purposes only. You should seek appropriate professional advice for your specific information.

Mindy Berkower is the Chief Client Officer and General Counsel of iRelaunch which is the pioneer and leader in career reentry, bringing progressive employers together with “career relaunchers”. Currently, Mindy leads iRelaunch’s legal function, develops and manages key corporate client relationships, and advises on strategy and company practices.

Mindy shared that her mother was a strong role model for her and her siblings. Her mom went back to school after a career break to raise her children, and was an energetic, committed, can-do type of person. 

Mindy had a dream of being a performer, a singer, but considered it impractical and did not pursue it after college. Instead, she went to law school and took a job with a corporate law firm in New York. The position was a good way to make money and to pay off her student loans, but she did not find it a sustainable way to live. She left the firm a month before her oldest son was born, and ended up taking a career break of 18 years!

“You can come back with a lot of strength and purpose, perhaps even more direction then you had coming out of college and going down a sort of pre-programmed predictable path. Whereas coming back from a career break, so many avenues and possibilities are open to you.” - Mindy Berkower

Key takeaways:

- When leading a group, make sure you understand the motivation of the other team members, and stress how the solution you’re presenting serves their goals. Mindy shared how possessing a certain level of diplomacy, clear communication skills and attention to detail served her well in the PTA as well as the corporate arena.

- Make an effort to find community, which played an important role in Mindy’s transition back to work. When she was exploring reentering the workforce after being a stay-at-home mom for 18 years, Mindy attended an iRelaunch conference in New York City. She kept in touch with people she met there, and joined the iRelaunch email list, which is how she found out about her first job.

- Keep networking. As we’ve heard from other guests, networking was very important as Mindy explored her next move. She let other people know she was interested in going back to work, believing that you never know who is going to be the bridge to the next opportunity for you. She shared a story of a friend of hers who was getting a pedicure, and was sitting next to someone who was the source of her next job opportunity.

About the guest:

Mindy Berkower is Chief Client Officer and General Counsel of iRelaunch. Founded in 2007, iRelaunch is the pioneer and leader in career reentry, bringing progressive employers together with “career relaunchers”: educated, experienced professionals returning to work after a career break. Since joining iRelaunch in 2013 after her own family-related career break, Mindy has held multiple cross-functional roles. Currently, Mindy leads iRelaunch’s legal function, develops and manages key corporate client relationships, and advises on strategy and company practices. Before her career break, Mindy practiced corporate and securities law in major NYC law firms. Mindy received her JD from NYU School of Law and her BA in Political Science from SUNY Binghamton.

Linkedin:- https://www.linkedin.com/in/mindysberkower/

Website:-  https://www.irelaunch.com/

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Disclaimer: Please remember that the information shared on this podcast does not constitute accounting, legal, tax, investment or financial advice. It’s for informational purposes only. You should seek appropriate professional advice for your specific information.

Nancy Schwartz is the founder of Envision Healthy Retirement, working with business experts who struggle with major life changes around retirement and are ready to live their envisioned lives with a strategic approach and intentional design. Her vision is to transform executives from chaos to clarity, in order to move forward toward a purposeful and healthy retirement life

Nancy shared that she grew up as an only child. She was very close to her father, who encouraged her to believe she could do anything she wanted to. Her father was very transparent, and involved her, and her mother, in conversations about the family finances and investments.

She grew up with a strong work ethic, and remembers washing people's cars at the age of six or seven, when she was barely able to carry the bucket of water! Nancy was interested in both the arts AND science and often had two jobs, pursuing her passion for dance while also holding a corporate position. Her work ethic served her well, as she would often work from seven in the morning until early evening, and then transition to the studio until midnight. 

In 2021, Nancy felt that she was no longer growing and that the corporate work she was doing, executive search, no longer challenged her. She began to research the next role that, as she put it, would allow her to spread her wings a little bit more. Her research confirmed that, as she notes on her website, people plan more for a short vacation than they do for a 30 year retirement!

“Retirement is a very secretive word. We often associate it with what’s on the other side. I always say: you are not going to have any idea about what it’s about. I could tell you about it, but it's like saying you were driving a Formula 1 car and now you're driving, I don't know, a family van of some sort”. - Nancy Schwartz

Key takeaways:

- The importance of relationships and community. Nancy noted that we are experiencing an epidemic of loneliness and that, to counter this, especially once we leave the workplace,  we have to be intentional about building relationships like we were when building our careers.

- The need for us to nurture play and creativity. As adults, we’ve lost our natural tendency to be curious. Nancy recommends inviting ourselves to let loose and be more playful.

- Find a person or group to be accountable to. Nancy talked about this in the context of putting in place practices to build relationships, though accountability can be used in any area of our lives. If, for example, you say you’re going to have coffee with a friend at least once a week, find someone who will hold you accountable to that commitment.  

- Know what drives you. We are not all motivated by the same things. Nancy works with people who have retired and no longer have their work identities, but haven’t yet figured out what they want to do with the rest of their time here. Each person she works with is unique, and will be motivated to move forward differently.

About the guest:

Nancy Schwartz is the Founder and Transformational Strategist of Envision Healthy Retirement. She spent her career in corporate leadership roles, working across a variety of industries in markets ranging from global multinationals to early-stage private equity and venture capital. Her innovative and solution-oriented approach to solving complex issues earned her high praise and recognition.

She is also a classically trained ballerina who has worked for nationally known ballet and modern companies. Today, she is passionate in continuing to study both modern dance and ballet, and enjoys performing new works.

She is a graduate of Skidmore College, and a member of select mentorships in both health and business.  She is dedicated to her client’s success and growth as they transform into a healthy retirement life they envision and own.

Linkedin:- https://www.linkedin.com/in/nancy-schwartz-envisionhealthyretirement/

Website:- http://www.envisionhealthyretirement.com

Go to Nancy's website to download "5 Smart Actions for Better Sleep" and to schedule a complimentary Healthy Retirement consulting call.

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Disclaimer: Please remember that the information shared on this podcast does not constitute accounting, legal, tax, investment or financial advice. It’s for informational purposes only. You should seek appropriate professional advice for your specific information.

Malory Lea counsels clients on all aspects of estate planning, including estate, gift and generation-skipping transfer tax issues and income tax issues related to estate planning. Malory develops comprehensive estate plans for a wide range of clients, including high net-worth individuals, and is skilled at drafting wills and various trust agreements which address the needs of her clients.

Malory shared that, though she knows that she grew up privileged, her family never spent money unnecessarily. Her mother worked in the financial world, and was a strong model. Today, in her family, Malory manages the finances and is teaching money skills to her two young daughters.

Malory's decision to attend law school was influenced by her father, who is a practicing lawyer. Her first job out of law school was as a litigator but, after doing some work with a Trust and Estates attorney, she realized she was drawn to working with clients and feeling like she was having an impact on their lives.

" It's like a puzzle, you know, putting the puzzle pieces together, because we do a lot of stuff with the finances and trying to figure out what's the best way to avoid estate taxes. It's kind of just a puzzle and I enjoy that part." - Malory Lea

Key takeaways:

- Estate planning documents are important no matter what, but especially in a transition, like a divorce. Although there is a statute in New York State that revokes certain estate planning designations you made in the past, it only takes effect once the divorce is final. As we all know, divorces can take quite a long time and you don't want this to be hanging over your head in the interim. 

- If you are currently going through a divorce, don’t forget to remove your spouse as your executor and especially as your power of attorney. You don’t want your ex-spouse  to be making healthcare decisions for you in your healthcare proxy and living will. You’ll also want to review your beneficiary designations and, if needed, remove your ex-spouse from inheriting any assets.

- Often, when we put our estate planning documents together, we name siblings as secondary agents to take care of our children or to be our alternate agent under our healthcare documents or power of attorney. Know that, even when our divorce is finalized the statute in New York would NOT revoke those appointments. Yet another reason to review all our documents when going through a divorce.

- The statute also does NOT revoke irrevocable provisions passing to your spouse. Malory used the example of an irrevocable life insurance trust in place to pass to the spouse. Special documents need to be prepared by your estate planning attorney in order to amend or, in many cases depending upon what state you’re in, decant this trust. Similar to decanting wine, decanting a trust is the process of pouring the assets from one trust to another. 

- Finally, Malory noted that it is important for all of us to have estate planning documents in place: to name a health care proxy and a power of attorney, to make our healthcare decisions known in a living will, to name a guardian for our minor children, to set up trusts when appropriate and to avoid the probate process, especially in states where the process can be time consuming and onerous. 

About the guest:

Malory counsels clients on all aspects of estate planning, including estate, gift and generation-skipping transfer tax issues and income tax issues related to estate planning. Malory develops comprehensive estate plans for a wide range of clients, including high net-worth individuals, and is skilled at drafting wills and various trust agreements which address the needs of our clients.

Prior to joining the firm in 2020, Malory lived and worked as an estate planning attorney in Burlington, Vermont.

Malory enjoys hiking, yoga, and spending time with her husband and two daughters.

Linkedin:- https://www.linkedin.com/in/malory-goldstein-lea-727740b/

Website:- http://estatelawny.com/

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Carolyn Jungclas is a broadly experienced leader with a 25+ year career in supply chain, engineering, maintenance and operations. Her corporate career included management roles in both power plants and financial services, and spanned locations from Boston to North Carolina.

Carolyn shared that both she and her husband, Jeff, attended University of Michigan's engineering school. Though they both worked full time, they shifted into traditional roles when it came to their finances. Carolyn bought the family groceries and clothes, while Jeff managed the money. As Carolyn described it, Jeff was managing the books, while she was spending the money.

Carolyn began her career as a turbine engineer working on steam turbines at a power company, and quickly moved up the management ranks, ultimately becoming a power plant manager. In the mid-nineties, after the deregulation of the power industry, she moved the family to the Carolinas and became the plant manager of the tenth largest coal-fired plant in the United States.

It was a great move for them financially, since the cost of living was much lower in North Carolina than it had been in Boston, where they were living. She knew her position would require her to work 60 to 70 hours a week, so Jeff, who had more flexibility, was around for their young kids.

Carolyn's work started to take a toll on her family, her health and her marriage. She took a severance package and left the power company in 2007. Soon after, she was approached by First Citizen's Bank, for whom she had done a vendor management presentation while still working for the power company. She agreed to work for them as as a part time consultant, and stayed on for fourteen years!

"You're trying to figure it out. You don't have to have all the answers. You can go and make a choice, and if it doesn't work out, do something different. Unfortunately, a lot of times we get so involved that we say, I have to know the answer." - Carolyn Jungclas

Key takeaways:

- Recognize that a good partnership involves give and take on the part of each of the partners. Sometimes, as Carolyn describes in her relationship with her husband, Jeff - sometimes decisions were made to benefit her career, and sometimes decisions were made to benefit his career. 

And a good partnership also means creating a framework to talk about money, as she and Jeff did only about ten years ago. This framework, and the relationship with their financial advisor, helped them make a huge course correction in their finances, and have more internal peace

- You don’t have to have all the answers when you’re just starting your career or, frankly,  at any age. You’re just trying to figure it out. You try something, it doesn’t work out, you try something else. No decision is irrevocable. And, don’t make decisions on the basis of money alone. It’s the whole package - ask: does it work for my family? Is it the right step at this time in my life?

- Networking is so important. It’s through her relationships that Carolyn was able to move from her high intensity job managing a power plant to working 8 to noon in financial services, for First Citizen’s Bank. 

- Know your skills and how they’d be used when considering careers. Carolyn knows herself to be a high extrovert, who enjoys cultivating teams and growing people, problem solving and strategic thinking, and is also a good negotiator! As she puts it: She enjoys bringing people together to solve problems. A career in procurement which incorporates all of these skills suits her well.

About the guest:

Carolyn Jungclas is a recognized expert in Procurement Strategy and Execution with more than 25 years of leadership experience in Financial Services and Public Utilities. Carolyn led the procurement strategy and execution for a nationwide bank, delivering year over year cost savings for commodities, software and services.  She also developed the Third-Party Risk Management (TPRM), Procurement, Contract Management and Software Asset Management programs and managed them successfully for 14 years. At the utility, Carolyn managed the supply chain program, led the Combustion Turbine Operations fleet and managed the 10th largest coal fired power plant in the United States, ensuring cost effective plant operations with high reliability. Carolyn has a BS in Mechanical Engineering from the University of Michigan and an executive MBA from University of North Carolina. 

Linkedin:- http://www.linkedin.com/in/carolyn-jungclas-mba-cpsm-2551285

Interested in booking a free consultation? Schedule a call.

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Get your free copy of Unlock Your Money Blocks Workbook : Your step-by-step guide to unlocking your blocks to financial freedom.

Disclaimer: Please remember that the information shared on this podcast does not constitute accounting, legal, tax, investment or financial advice. It’s for informational purposes only. You should seek appropriate professional advice for your specific information.