RECAP: Talking Shop About Money

Jan 31, 2023

Last week, The Lola hosted an amazing event with over 75 women (not including the waitlist)!

What did these Atlanta women want to talk about???

Money, of course! 🤑💰💪

Led by the brilliant finance guru, Meredith Moore, with over two decades of financial planning experience, we talked about:

If you couldn’t make it, love finances, or are wondering what gets talked about at a womxn’s community and co-working space, here’s the recap!

5 Things To Consider When Talking To Your Partner About Money:

Contribution - including non-monetary items
Transparency - be honest and avoid judgement
Values - what matters to you and why
Equality - partner with greater income, education, or age often holds the power
Vision - identify long-term vision and work backwards

“The most important thing we can do is normalize the conversation around money.”

**Schedule a Monthly Money Meeting.**

What To Cover:

“Engagement is more important than knowledge.”

Replenish emergency fund
- 3 months personal living expenses
- Separate from business liquidity/expenses
- 12 months for senior leaders ➡️ takes longer to find new role
Compile 1099, K1, W2s
Locate receipts from charitable donations
Update (or build) your balance sheet
- Financial dashboard
- Include accounts, debts, real estate, investments
Annual review with financial professional
Expense audit from last year
- Know your monthly living expenses
- Range from $4k/mo to $30k/mo
- It’s a data point, no judgement!
Review (or create) estate planning documents
- Use a lawyer. NOT online doc.
- One-time flat fee
Beneficiary audit on retirement accounts, life insurance, annuities
Confirm long-term savings strategy
- Most people underfund “mid-term savings”
- Don’t have everything in retirement and your house
Fund Roth IRA or Backdoor Roth IRA?
Business owners ➡️ SepIRA, profit sharing for 401k?
Check rewards points on credit cards

“Get in the trenches and start looking at your own financials.”

Partner with greater income, education, or age more likely to hold financial power
When women are breadwinners, larger % of discretionary $ towards housework and kids
Whoever does more housework = less financial power

You don’t have to know it all to get started!
Money is a shared responsibility.
Whether you are a breadwinner or primary caretaker, MBA or no college education, you are capable and deserving of financial empowerment.
Many women come to Meredith after being widowed or divorced who had little to no involvement with finances. It’s harder this way.
It’s never too late to start learning and getting involved. (See “Monthly Money Meeting” above.)
Best first task? Put together a balance sheet.

“Understanding money gives you options.”

Set up a meeting to discuss
Use a facilitator if needed
Topics
- Retirement accounts/pensions
- Long term care insurance
- Estate planning
- Balance sheet (accounts, debts, financial items)

Thank you, Meredith, for the amazing content and sharing your wisdom.

Thank you, Eileen Lee, founder of the Lola, who brought us together and hosted.

Thank you, Sweetgreen, for sponsoring the delicious salads. (See? It IS possible to eat healthy while building! 😉)

Thank you, Monica Hooks, Suna Lumeh, Margaret Weniger, Anastasia Simon, Kristin Slink, Tammy Napier, and Jacey Cadet for moderating small group discussion!

It was an honor and a joy to work with amazing women to provide value for amazing women.

Let’s keep this money conversation going!

What is the best financial advice you’ve gotten? Any 2023 financial checklist items to add?