Resolve to Find More Financial Success in 2022
By Kathy Longo, CFP®, CAP®, CDFA®
Tuesday, 18 January 2022
In my line of work, it’s frustrating to know that so many people feel stress and anxiety connected to their finances, and yet our society continues to place little emphasis on financial education. (It’s one of the reasons I wrote a personal finance book and maintain a podcast on important money topics!) The consequence is that so many people – and especially women – are forced to face financial challenges that they’re ill-prepared for and struggle to maintain good financial health even as they approach or enter retirement.
Having poor financial health isn’t just about struggling with your finances, however. Your relationship with money impacts so many other aspects of your life, including productivity, physical health, and mental health. It may seem overwhelming to achieve financial success – or even find financial stability – but it doesn’t have to be. The strategies listed below, when followed diligently, can help anyone improve their financial fitness. Are you ready to find financial success this year? Read on for 10 financial resolutions that can help you get started.
Financial Resolutions to Help You Build Your Financial Confidence in 2022
By Kathy Longo, CFP®, CAP®, CDFA®
Wednesday, 22 December 2021
Unexpected situations such as the loss of a job, a costly car or home repair, a decrease in household income, or hefty medical bills can upend your finances – and undermine your financial confidence, too. Even small financial crises can be damaging if you don’t have an emergency fund. According to a survey conducted by PYMNTS and LendingClub, 54 percent of Americans don’t have an emergency fund, including many who earn more than $100,000.
With financial strain comes tremendous stress. Getting your finances in order is about more than paying your bills – it’s about financial freedom and the peace of mind that comes with it. In the article below, I explore eight strategies that can help reduce your financial stress and take back control.
What to Consider When Managing Your Finances on Your Own
By Kathy Longo, CFP®, CAP®, CDFA®
Monday, 29 November 2021
Households look different than they did just a couple of decades ago. According to a recent study from the Pew Research Center, roughly 38 percent of adults (ages 25-54) are living alone, which is a nearly 10 percent increase from 1990. As a single person, you have likely fostered a healthy independence and possess a good deal of autonomy in most areas of your life. While being single certainly comes with plenty of benefits, it also comes with serious responsibilities, including managing your finances.
Unlike a household where there are multiple breadwinners, single women need to be sure they have enough money set aside to take care of themselves now and in the future. Even women who are living with a romantic partner are likely to find themselves alone at some point in the future whether because they become separated, divorced, or widowed.
Regardless of your relationship status, the five financial strategies below will help you safeguard your financial future and ensure your peace of mind.
Discover the Right Self-Funding Options for Your Latest Venture.
By Kathy Longo, CFP®, CAP®, CDFA®
Wednesday, 13 October 2021
For women who are ready to take control of their own earning power and work schedule, starting a business could be the right decision. After solidifying your vision for the business, the next step is figuring out how to fund your dream and transform it from an idea into a reality.
In the State of Female Entrepreneurship, a survey of 650 female small business owners conducted by Visa, more than 60 percent of women chose to self-fund their businesses. It might seem intuitive that this is the case. After all, these women are motivated self-starters with a vision they believe in, so it makes sense that they would self-fund their start-up. However, this is often a necessary move for female entrepreneurs, who report that it is difficult to secure traditional investors.
In the article below, we will explore some funding options available for female entrepreneurs who are considering self-funding.
Gain a Better Understanding of the Financial and Emotional Realities of this Phase of Life
By Kathy Longo, CFP®, CAP®, CDFA®
Wednesday, 15 September 2021
For most couples, retirement is a bright spot gleaming on the horizon. Perhaps you have visions of jet-setting together around the globe, starting a passion project you’ve been planning, or just enjoying a chance to reconnect with loved ones. Whatever your dreams for retirement, you should give some strategic thought to what happens when you and/or your partner reach that milestone as you come closer to that point.
Unfortunately, many misconceptions about retirement exist, from how you will spend your time to how long this phase of your life will last. In this article, I will tackle three of the biggest retirement myths that women often face - and offer some practical planning advice along the way.
Do These Four Things Consistently to Level-Up Your Earning Potential
By Kathy Longo, CFP®, CAP®, CDFA®
Wednesday, 18 August 2021
As you plan for your long-term financial goals, it's smart to know your net worth - the value of your assets minus your liabilities. Keeping this important number in your sights can help you set goals designed to increase the value of your assets each year while also working to minimize your liabilities. However, did you know there's more to your net worth than things like increasing your 401(k) and paying off your student loans?
These six steps can help women take control of their financial futures
By Kathy Longo, CFP®, CAP®, CDFA®
Monday, 19 July 2021
Currently, expectations of “the modern woman” require women to wear many hats: the doting wife, the nurturing mother, the selfless caregiver, and the hardworking career woman. This “women-can-have-it-all” attitude means that women are not only expected to maintain a household and meet household responsibilities but also to pursue a successful professional life simultaneously.
While it’s true that there’s nothing a woman cannot do by herself, a large majority of women seem to be neglecting a crucial part of their lives – their personal finances. Whether it’s because they struggle to find the time to focus on finances or they feel more comfortable leaving the big money decisions to the men in their lives, women are not engaging themselves enough in the financial matters that directly affect them. This is especially true for married women, who are more likely to hand over financial control to their husbands rather than continue to play an active role in managing their money.
As society continues to change and social norms and gender roles continue to be challenged, we urge the women reading this to take back control of their money and gain financial security for themselves. These six money moves can help.
Six Ways to Begin Protecting Your Finances When Divorce is on the Horizon
By Kathy Longo, CFP®, CAP®, CDFA®
Wednesday, 16 June 2021
If you are approaching divorce, you know that you are on the cusp of confronting significant change in many aspects of your life. This is true whether you have been blindsided by your spouse or whether you’ve initiated the proceedings yourself. Either way – and any way in between – you’ll have to navigate a process that involves a tremendous amount of disruption and upheaval in your life. And while it may be the emotional toll that you begin to experience first, divorce has many financial consequences that will require your immediate attention.
If you’re feeling overwhelmed about divorce and finances, start with the six steps below to get your money matters in order as you prepare for divorce.
Five Steps to Ensure Your Philanthropy Matches Your Values
By Kathy Longo, CFP®, CAP®, CDFA®
Wednesday, 19 May 2021
If charitable giving is important to you, you already know it has the power to change lives. With so many organizations and causes in need, however, it can be tricky to make giving choices. In order to help you fund charities that are right for your priorities, your values, and your budget, I recommend creating a strategic giving plan.
Tips for Building Confidence and Getting Proactive with Your Money
By Kathy Longo, CFP®, CAP®, CDFA®
Wednesday, 14 April 2021
In my work, I frequently speak with clients who harbor fears about money. If you relate negative emotions like fear, stress, and anxiety to financial topics, it can be difficult to become interested in your finances or to build confidence in your money skills and knowledge. What’s more, when your emotions are stirred up, it becomes all the more challenging to get outside of your own head and move forward toward your financial goals with clarity.
Fear regarding money topics is particularly problematic for women, with one-third admitting that money causes them stress and anxiety. Whether you are male or female, however, the result is the same – financial fears hold you back. If you want to dispel your negative emotions around money, use the guidance below.
These Five Conversations Can Strengthen Your Relationship and Your Finances
By Kathy Longo, CFP®, CAP®, CDFA®
Monday, 15 March 2021
When you’re sharing your life with someone else, communication and compromise are paramount to the health of your relationship. While this can apply to many topics, it is certainly true when it comes to financial matters – especially since money disagreements are a leading cause of divorce in the United States.
Financial discussions can feel awkward, and many couples practice avoidance. However, facing financial reality together is an important step in achieving your individual and joint financial and life goals. Below, we’ll discuss five money conversations all couples should have.
Here’s How to Add More Understanding and Compassion to Your Financial Conversations
By Kathy Longo, CFP®, CAP®, CDFA®
Wednesday, 17 February 2021
Relationships, by their very nature, can be complex. So, too, can financial matters. When you put the two together, it can make for some challenging money conversations with your spouse or partner! However, even if you are 100 percent in tune with your own money values and goals, sharing your life with someone else means it’s important that you understand their approach to finances, too. Specifically, it’s important to know your partner’s money story.
Tips for Moving Forward After Four Common Types of Career Changes
By Kathy Longo, CFP®, CAP®, CDFA®
Friday, 15 January 2021
Life transitions often throw us for a loop, and this certainly includes career transitions. Sometimes they are planned, but many times they are unexpected and challenging. However, they’re easier to plan for when we examine how they might occur. Career changes usually happen because someone decides to change their career path, has a job loss, scales back working hours, or experiences a disability. (For a discussion about the career transition of retirement, check out Chapter 6 of my book, Flourish Financially.)
Below we’ll discuss four common career transitions, as well as tactics to navigate them successfully.
Examples of How to Weave Financial Lessons into Everyday Life
By Kathy Longo, CFP®, CAP®, CDFA®
Monday, 21 December 2020
As parents, we have a great responsibility to teach our kids money lessons to influence how they will spend, save, and invest later in life. This means it is critical to talk to them early and often about how we want them to value money. It also means that we have a unique opportunity to model healthy behaviors for them at all stages of development. This requires a willingness to talk about money, as well as using our own actions to demonstrate how to manage it.
Fortunately, every day brings helpful learning opportunities for us to introduce and explain financial concepts to our kids. This means there are dozens of ways to start the conversation, including around pop culture. In fact, pop culture is a phenomenal resource for teaching our kids money lessons. Below I’ll relay three examples from my own family to help you begin thinking about opportunities for financial conversations in daily life with your kids, too.
How to Plan Ahead to Tackle the Special Challenges Your Family May Face
By Kathy Longo, CFP®, CAP®, CDFA®
Monday, 23 November 2020
The following article is based on the content covered in my book, Flourish Financially: Values, Transitions, and Big Conversations. If you’d like to read more, you may purchase a copy here.
Life can be beautifully complicated sometimes. That’s certainly true for people with blended families, like mine. My husband and I adopted two children from Guatemala after we were married, and we also have a daughter from my first marriage. Fifty years ago, a familial structure like ours would have been atypical, but blended families are quite common today.
You’ll face a variety of challenges if you’re entering a second marriage with children from a previous relationship. When it comes to the financial implications, you’ll need to plan thoughtfully for this transition. Use the three questions below to help navigate your blended family’s finances and facilitate important conversations that help you avoid common frustrations and misunderstandings.
