Married Women Need to Pay Attention

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Welcome to Something More with Chris Boyd.

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Chris Boyd is a certified financial planner, practitioner,

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and senior vice president, financial advisor at Wealth

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Enhancement Group, one of the nation's largest registered

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investment advisors.

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We call it Something More because we'd like

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to talk not only about those important dollar

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and cents issues, but also the quality of

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life issues that make the money matters matter.

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Here he is, your fulfillment facilitator, your partner

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in prosperity, advising clients on Cape Cod and

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across the country.

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Here's your host, Jay Christopher Boyd.

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Thanks for being with us for another episode

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of Something More with Chris Boyd.

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I'm here with Jeff Perry.

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We are both of the AMR team with

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Wealth Enhancement Group, and we have a special

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guest today.

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Our guest is Dr. Laura Mattia.

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Do you say it Mattier or Mattia?

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I want to make sure I do it

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right.

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Mattia, but that's okay.

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Everybody.

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Okay.

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I wasn't sure.

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So it's great to have you with us.

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You have, well, we're going to get to

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hear your story.

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You have a prolonged history of all kinds

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of academic and professional accomplishments.

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Let's just start by getting to know you

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a little bit about thanks for being with

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us in relatively new to Wealth Enhancement Group.

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Yes.

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So I'm actually a partner of yours effectively

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in the Wealth Enhancement Group, and we joined

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mid last year.

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So we're fairly new.

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And we're not ahead of you, as you

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know, we just started a few months before

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that.

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Right.

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Right.

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So my story, I mean, I could go

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into all kinds of tangential things.

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However, just to be on the more professional

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level, I started out in corporate finance, and

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actually I had an MBA in finance, and

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I wanted to be coming an executive there,

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one of the few women in the executive

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ranks.

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And women would often come to me and

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ask me questions on going through divorce, you

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know, I'm trying to figure out what my

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property settlement should look like, I need some

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help, you know, getting out of this debt

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or whatever.

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And I would, I would help them.

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And that was kind of my first foray

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into kind of doing more of a personal

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financial planning.

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I wound up taking a CFO position for

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a family office in Manhattan for a very

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famous, actually New Yorker.

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And that was kind of, oh, you know,

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I'm not making decisions, you know, helping a

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CEO make decisions on what property and plans

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equipment they need to purchase.

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I'm helping somebody really execute their life.

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And I love that.

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And so that's how I actually, I got

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into the personal finance, but it's always been

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with that, that recognition that there are a

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lot of women out there that need financial

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help.

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So everything that I've done, even my PhD

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dissertation was around women and money.

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I've published a lot of research, which has

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all been about women and money, widows and

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money.

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I've done a lot of every quarter I

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do a divorce workshop at a local women's

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501c3 program.

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I've just been really very dedicated on supporting

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that specific niche.

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I'm not going to say that I don't

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serve men because I do as well.

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I'm just particularly sensitive to that demographic.

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Well, we're going to talk about some of

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the challenges that women face, particularly married women.

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And we'll dig into that in more depth.

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Tell us about your current practice, where you're

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located and some of the details, who you

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work with.

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So I'm in beautiful Sarasota, Florida.

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I still pinch myself.

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We moved down here in 2014.

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I would say I escaped the New York

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area.

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And we're very, very, despite the occasional hurricane,

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which can be a little bit, can fluster

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you a bit, everything else is just, I

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love it.

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So I really feel fortunate that I was

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able to come down here.

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And we, when we moved, my husband, I

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was actually, I was teaching at Rutgers.

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I had a practice up there and my

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husband came home and said, I want to

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move.

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And he arranged it in such a way

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that it was enticing enough that I just

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threw everything up in the air and said,

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okay, fine, I'll move and move down here.

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And immediately we found our own little things

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that we were doing and picked up our

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life and went on.

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So that was pretty nice.

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Yeah.

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How did you manage to juggle the sort

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of dual, a foot in both academia and

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a foot in the practical application of financial

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planning concepts in people's lives?

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Yeah.

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So, so firstly, Chris, if you, as we

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get to know each other better, you're going

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to find out that I'm a little bit,

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I've been told that I'm wound tight a

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bit.

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I have tended to always take on a

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lot.

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I'm not used to working less than 60,

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70 hours a week.

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That's just the way I'm wired.

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I don't, I don't know why.

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I think I'm still trying to, I guess,

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prove the reason why I should exist.

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I don't know.

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Psychological.

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I'm sure the psychologist would have something to

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say about me.

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You're trying to make an impact.

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I guess.

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Yeah.

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But, um, I, I just, in fact, I

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just did a seminar two days ago with

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a group of women and we talked a

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lot about values and I do this value

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exercise every year.

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I've been doing it since back in the

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nineties when I got a Franklin planner and

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they kind of pushed that whole concept and

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every year I write down my values and

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I try to filter the things I'm going

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to choose to do, whether it's using my

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very valuable resource of money or my very

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valuable resource of time through those values, because

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the problem is, is that I think everything's

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interesting if I do everything like, I mean,

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just because I, I can, doesn't mean I

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should, I mean, it's just not enough time

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in the day, so I try to whittle

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it down, but so, um, I can see

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like with the academia and the working with

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people in the practical area, there's a lot

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of synergy there.

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There's a lot of, I could inform the

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other and help to balance them both with,

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you know, the practical benefits of the experience

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as well as the, you know, conceptual how

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to apply that in people's lives.

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Yeah.

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And for a lot of people, they, they,

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so my clients tend to be definitely smarter

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than the average beer.

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They want to understand, they want to learn,

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they don't want to just hear, oh, this

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is my idea, you know, just go with

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it.

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They want to hear, well, what was, what

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were you comparing it to?

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What are the other choices and why, what

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are the pros and cons of those choices?

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And why are you kind of directing me

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in this way?

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And so, you know, to understand it at

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a deeper level where I can explain it

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in, in, you know, terms that people can

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digest, you know, without jargon, without, you know,

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the vernacular, the financial industry, um, it's really

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important to me to be able to do

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that for them.

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You've been published as well.

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Was this a purely a, an outcome of

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your, um, your doctorate, uh, efforts or was

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it a passion of some other type?

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Uh, yes.

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So, so my, um, the chair of my

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dissertation and all that was, they were very

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adamant that you don't get a PhD just

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to teach, you could have taught anyway, you

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really should get engaged in research.

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And so I did.

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And, um, I really love, I've always loved

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statistics and I love what you can, you

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can do with them and it's, it's fun.

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It's a lot of fun.

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So I've enjoyed it.

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I've enjoyed the process of research.

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I have not enjoyed the process of getting

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it published.

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Getting it published is the same thing.

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Yeah, that sounds like it would be.

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Um, you have a podcast.

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I see, you know, for those watching our

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video, um, which, you know, if you're, if

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you're not aware, you only listen to us

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through the, the audio podcast.

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You can also catch us on YouTube or

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our, our website, a webpage, um, which you

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can find through typing in something more with

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Chris Boyd, but any.com.

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And then, um, the, you have a money

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matriarchs podcast.

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I want to hear about that.

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And also I understand you've done a Ted

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talk as well.

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So I want to hear about that too.

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Yeah.

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Okay.

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Um, so, so, um, the, the podcast actually

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I I've done actually, this is an outgrowth

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that occurred many, many years ago.

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And I launched a podcast back in 2010

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and then with my move and everything else,

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it kind of fizzles and this is a

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relaunched podcast really.

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And the whole podcast, the, the tagline is

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inspiring women to harness the power of money

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for good.

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And, um, what I'm trying to communicate is

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it's not just, well, it's good for ourselves

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and our families.

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It's good for the community.

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It's good for the world.

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It's, there's a lot of ways that we

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can incorporate the concept of doing good and,

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and making a difference.

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Um, the show, the specific show, uh, is

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intended to showcase other women who have done

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interesting things in the community or, um, you

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know, in their own world that I think

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are interesting that I'd like to kind of

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elevate and let other women see what they've

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done.

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And possibly, hopefully be inspired by that.

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Inspirational.

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Right.

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Love it.

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Love it.

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Women aren't as good as men at touting

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their horn and saying, look at me, this

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is what I've done.

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That's a real nice way to say that.

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Men are very, some men are very good

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at it.

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Yeah.

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Right.

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Too good.

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Maybe.

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Yeah.

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That's the point.

275
00:10:20,420 --> 00:10:20,600
Right.

276
00:10:21,060 --> 00:10:21,320
Yeah.

277
00:10:21,380 --> 00:10:22,860
Any substance, right?

278
00:10:23,320 --> 00:10:23,800
Sometimes.

279
00:10:23,960 --> 00:10:24,380
Sometimes.

280
00:10:24,520 --> 00:10:25,360
Right, right.

281
00:10:25,380 --> 00:10:25,820
Exactly.

282
00:10:25,820 --> 00:10:30,080
So, um, this is a forum, an opportunity

283
00:10:30,080 --> 00:10:34,740
to, to showcase and celebrate, um, women who've

284
00:10:34,740 --> 00:10:37,440
had accomplishments, uh, essentially what you're trying to

285
00:10:37,440 --> 00:10:37,660
do.

286
00:10:38,340 --> 00:10:39,340
I love that.

287
00:10:39,580 --> 00:10:42,820
Um, it's an interesting, um, theme too.

288
00:10:42,880 --> 00:10:43,280
I like that.

289
00:10:43,320 --> 00:10:45,400
You know, that's a great, uh, hook, you

290
00:10:45,400 --> 00:10:47,180
know, cause there's, there's probably so many great

291
00:10:47,180 --> 00:10:50,820
stories to tell to, uh, showcase and, you

292
00:10:50,820 --> 00:10:52,700
know, on a, on a level on a

293
00:10:52,700 --> 00:10:54,100
whole different perspective.

294
00:10:54,580 --> 00:10:56,820
Um, if there are any advisors listening to

295
00:10:56,820 --> 00:11:00,460
this, um, it, it, what it does for

296
00:11:00,460 --> 00:11:03,220
me also is it enables me to call

297
00:11:03,220 --> 00:11:06,240
up somebody that maybe I don't really know

298
00:11:06,240 --> 00:11:09,080
that well, and, um, you know, I'd like

299
00:11:09,080 --> 00:11:10,580
to invite them to lunch, but maybe they

300
00:11:10,580 --> 00:11:12,780
wouldn't go to lunch with me, but they

301
00:11:12,780 --> 00:11:13,840
might be on my podcast.

302
00:11:13,840 --> 00:11:16,640
So it's a way for me actually to

303
00:11:16,640 --> 00:11:19,240
introduce myself to some people that I think

304
00:11:19,240 --> 00:11:20,600
are kind of interesting or cool.

305
00:11:20,600 --> 00:11:23,660
And I'd like to talk to, and, um,

306
00:11:23,660 --> 00:11:24,880
they come in and I get to ask

307
00:11:24,880 --> 00:11:26,780
them really fun questions.

308
00:11:27,840 --> 00:11:29,020
Yeah, that's great.

309
00:11:29,100 --> 00:11:31,300
And so you get the opportunity to be

310
00:11:31,300 --> 00:11:33,320
interacting with people you might not otherwise have

311
00:11:33,320 --> 00:11:35,440
occasion to talk with, which.

312
00:11:36,160 --> 00:11:38,460
You know, may or may not have an

313
00:11:38,460 --> 00:11:41,480
opportunity to open the door for business, but

314
00:11:41,480 --> 00:11:43,860
even if it doesn't, it's like, hi, I

315
00:11:43,860 --> 00:11:45,140
get to talk with these people who have

316
00:11:45,140 --> 00:11:48,480
such interesting stories that can be inspiring and,

317
00:11:48,540 --> 00:11:51,880
uh, you can glean great information from, right?

318
00:11:52,340 --> 00:11:54,000
Yeah, love it.

319
00:11:54,180 --> 00:11:54,480
Love it.

320
00:11:54,520 --> 00:11:57,360
So that's the, you know, I think one

321
00:11:57,360 --> 00:11:58,480
of the things when you, when you do

322
00:11:58,480 --> 00:12:00,940
a podcast, you tend to be a curious

323
00:12:00,940 --> 00:12:02,040
person, don't you think?

324
00:12:02,060 --> 00:12:03,960
Cause you, it's like the fun of it

325
00:12:03,960 --> 00:12:07,600
is engaging and learning about what's, what makes

326
00:12:07,600 --> 00:12:09,760
them tick, what's the story of their success

327
00:12:09,760 --> 00:12:10,140
or whatever.

328
00:12:10,140 --> 00:12:10,560
Absolutely.

329
00:12:11,120 --> 00:12:11,220
Yeah.

330
00:12:11,840 --> 00:12:11,960
Yeah.

331
00:12:12,300 --> 00:12:15,100
So, um, Ted talks.

332
00:12:15,900 --> 00:12:18,400
Oh, all right.

333
00:12:18,500 --> 00:12:20,860
So, so, um, I guess the most important

334
00:12:20,860 --> 00:12:22,540
Ted talk, there's a second one that I

335
00:12:22,540 --> 00:12:22,820
did.

336
00:12:23,160 --> 00:12:25,620
Um, but the first one I did was

337
00:12:25,620 --> 00:12:28,020
really part of my whole passion.

338
00:12:28,180 --> 00:12:29,700
I call almost call it like a passion

339
00:12:29,700 --> 00:12:33,080
project, this whole theme around supporting women and

340
00:12:33,080 --> 00:12:35,060
getting women engaged in finances.

341
00:12:35,060 --> 00:12:38,020
Um, you know, I, I mentioned that I

342
00:12:38,020 --> 00:12:40,100
did both a lot of research and I

343
00:12:40,100 --> 00:12:44,280
do various seminars and things around helping widows

344
00:12:44,280 --> 00:12:46,720
and women in the process of making better

345
00:12:46,720 --> 00:12:48,020
decisions in divorce.

346
00:12:48,760 --> 00:12:51,500
And, um, at that point in time, the

347
00:12:51,500 --> 00:12:54,740
women are all ears, they're listening, they understand

348
00:12:54,740 --> 00:12:57,520
they need to, they need guidance.

349
00:12:57,720 --> 00:13:00,020
Uh, and so that's wonderful.

350
00:13:00,180 --> 00:13:03,840
However, at that point in time, like I'm

351
00:13:03,840 --> 00:13:05,920
always sitting there thinking, you know, I wish

352
00:13:05,920 --> 00:13:10,760
that you had become more financially engaged earlier

353
00:13:10,760 --> 00:13:13,300
on in your life where you were not

354
00:13:13,300 --> 00:13:16,000
a deer in the headlight, uh, trying to

355
00:13:16,000 --> 00:13:18,820
learn this all at once during an already

356
00:13:18,820 --> 00:13:20,180
stressful time.

357
00:13:20,480 --> 00:13:23,360
And so I really wanted to try to

358
00:13:23,360 --> 00:13:27,200
encourage those women that maybe don't need to

359
00:13:27,200 --> 00:13:29,540
do it out of necessity right now, but

360
00:13:29,540 --> 00:13:32,540
it's just a good skillset and awareness and

361
00:13:32,540 --> 00:13:33,680
knowledge to have.

362
00:13:33,680 --> 00:13:34,320
Yeah.

363
00:13:34,320 --> 00:13:36,780
So, you know, it's been, you know, historically

364
00:13:36,780 --> 00:13:40,180
financial decision-making has always been dominated by

365
00:13:40,180 --> 00:13:42,660
single men, single women and married men, but

366
00:13:42,660 --> 00:13:46,460
not as much married women and trying to

367
00:13:46,460 --> 00:13:49,820
get them to become engaged has been a

368
00:13:49,820 --> 00:13:51,640
little, I, I, I told you, I just

369
00:13:51,640 --> 00:13:53,620
did that seminar a couple of days ago

370
00:13:53,620 --> 00:13:57,320
and one of my friends came and she

371
00:13:57,320 --> 00:13:58,920
said, you know, I invited somebody that I

372
00:13:58,920 --> 00:14:02,180
really thought think would really benefit from this.

373
00:14:02,180 --> 00:14:04,480
And she said, oh no, money's boring.

374
00:14:04,860 --> 00:14:05,300
I don't know.

375
00:14:05,380 --> 00:14:06,120
I'm not interested.

376
00:14:06,440 --> 00:14:08,640
I said, it's not boring.

377
00:14:09,460 --> 00:14:10,740
We're going to have, we're going to have

378
00:14:10,740 --> 00:14:11,200
wine.

379
00:14:11,380 --> 00:14:12,280
We're going to have fun.

380
00:14:12,440 --> 00:14:14,400
We're like, I'll make it fun.

381
00:14:14,860 --> 00:14:15,960
Yeah, exactly.

382
00:14:16,320 --> 00:14:18,400
And I mean, who doesn't love money, right?

383
00:14:18,560 --> 00:14:19,240
I mean, come on.

384
00:14:19,620 --> 00:14:22,320
Do you think it's changing with the generational

385
00:14:22,320 --> 00:14:22,540
shift?

386
00:14:23,160 --> 00:14:23,920
Well, okay.

387
00:14:24,020 --> 00:14:26,620
So I think it's, first of all, just,

388
00:14:26,900 --> 00:14:29,060
um, I do want to mention that I've

389
00:14:29,060 --> 00:14:31,820
done this research where I've looked at financial

390
00:14:31,820 --> 00:14:34,940
knowledge, knowledge and engagement and confidence across all

391
00:14:34,940 --> 00:14:35,560
the cohorts.

392
00:14:35,760 --> 00:14:38,740
And there still is a gap after we

393
00:14:38,740 --> 00:14:41,300
use the regression analysis and we control for

394
00:14:41,300 --> 00:14:43,300
all the variables, there still is a gap.

395
00:14:43,520 --> 00:14:45,820
However, it absolutely is changing.

396
00:14:45,960 --> 00:14:48,540
I think what's really driving that is the

397
00:14:48,540 --> 00:14:52,020
fact that women are starting to become, um,

398
00:14:52,600 --> 00:14:55,500
earners they're, they're, uh, you know, if they're

399
00:14:55,500 --> 00:14:59,880
high earners, uh, or they've been, they've inherited

400
00:14:59,880 --> 00:15:02,260
some type of wealth, it's now become a

401
00:15:02,260 --> 00:15:04,840
lot more personal and they want to understand.

402
00:15:05,340 --> 00:15:06,900
And the higher earner women, if you think

403
00:15:06,900 --> 00:15:09,640
about it, they're higher earners because they're also

404
00:15:09,640 --> 00:15:10,900
educated women.

405
00:15:11,240 --> 00:15:13,320
And so they're educated and they're successful.

406
00:15:14,100 --> 00:15:17,700
And they're not just willing to hand over

407
00:15:17,700 --> 00:15:20,240
the finances to somebody and say, Oh, you

408
00:15:20,240 --> 00:15:20,880
manage it.

409
00:15:21,120 --> 00:15:22,960
I'll just like do whatever you say.

410
00:15:23,500 --> 00:15:25,520
They want to understand.

411
00:15:25,520 --> 00:15:27,720
They want to understand the pros and the

412
00:15:27,720 --> 00:15:29,800
cons and they really, so.

413
00:15:30,860 --> 00:15:35,600
So I would say, um, I bet that

414
00:15:35,600 --> 00:15:40,160
like me, you've seen lots of instances where

415
00:15:40,160 --> 00:15:45,680
there's some sad stories about families where, uh,

416
00:15:45,680 --> 00:15:49,620
some pretty questionable judgment has been used by

417
00:15:49,620 --> 00:15:51,760
the person who's handling the finances.

418
00:15:51,760 --> 00:15:54,220
If it's not a collaborative endeavor.

419
00:15:54,960 --> 00:15:56,400
Do you want to talk a little bit

420
00:15:56,400 --> 00:15:58,140
about that just for, as a, like a

421
00:15:58,140 --> 00:15:58,820
starting point?

422
00:15:59,120 --> 00:15:59,800
Oh, yeah.

423
00:16:00,000 --> 00:16:00,320
No, it's not.

424
00:16:01,360 --> 00:16:03,820
Why do you need to pay attention to

425
00:16:03,820 --> 00:16:04,120
this?

426
00:16:04,460 --> 00:16:06,820
It's because it's not only because of ill

427
00:16:06,820 --> 00:16:09,860
will or bad judgment of like, you know,

428
00:16:10,140 --> 00:16:12,840
you know, unscrupulous things, but it can be

429
00:16:12,840 --> 00:16:16,260
just questionable risk-taking or there's some, a

430
00:16:16,260 --> 00:16:21,020
lot of data about, uh, risk appetite, uh,

431
00:16:21,020 --> 00:16:22,120
when it comes to gender.

432
00:16:22,200 --> 00:16:22,440
Right.

433
00:16:22,860 --> 00:16:25,240
Well, you know, I mean, there's, as you

434
00:16:25,240 --> 00:16:30,080
know, there's a whole body of, uh, educational

435
00:16:30,080 --> 00:16:34,780
or research, uh, knowledge out there around behavioral

436
00:16:34,780 --> 00:16:38,740
finance and the bad decisions that people make

437
00:16:38,740 --> 00:16:41,560
that are inspired by their emotions or their

438
00:16:41,560 --> 00:16:44,020
instincts, but they're not necessarily rational.

439
00:16:44,220 --> 00:16:47,180
You know, the whole premise of, uh, uh,

440
00:16:47,180 --> 00:16:50,020
economics and, and good financial decision is that

441
00:16:50,020 --> 00:16:55,460
we're all robots making rational decisions and we're

442
00:16:55,460 --> 00:16:58,500
not, we're always impacted by our emotions.

443
00:16:58,700 --> 00:16:59,940
And one of the things that I try

444
00:16:59,940 --> 00:17:03,500
to do when I work with, uh, both

445
00:17:03,500 --> 00:17:07,380
men and women is try to understand, you

446
00:17:07,380 --> 00:17:09,200
know, I tell them there's a technical financial

447
00:17:09,200 --> 00:17:11,780
answer and then there's an emotional answer.

448
00:17:11,920 --> 00:17:13,640
And then the decision we might make is

449
00:17:13,640 --> 00:17:14,440
somewhere in between.

450
00:17:14,440 --> 00:17:17,700
I need to understand what's driving you and

451
00:17:17,700 --> 00:17:21,819
what, what other aspects might be coming into

452
00:17:21,819 --> 00:17:23,960
play and maybe we're going to find some

453
00:17:23,960 --> 00:17:26,839
kind of middle ground, but yeah, I mean,

454
00:17:26,859 --> 00:17:29,660
everything, so I do, um, I do some

455
00:17:29,660 --> 00:17:32,760
volunteer work for this, this local women's, um,

456
00:17:32,940 --> 00:17:34,880
I created a program there.

457
00:17:35,020 --> 00:17:37,960
It's the, so there's a women's resource center

458
00:17:37,960 --> 00:17:38,860
down here.

459
00:17:38,860 --> 00:17:40,580
It's a 501 C three.

460
00:17:40,800 --> 00:17:42,960
Um, and I created a program called, um,

461
00:17:43,080 --> 00:17:44,040
women's money impairment.

462
00:17:44,420 --> 00:17:47,800
And, um, every week I make myself available

463
00:17:47,800 --> 00:17:51,960
to talk to a woman about her financial

464
00:17:51,960 --> 00:17:52,600
situation.

465
00:17:52,680 --> 00:17:55,880
Just recently I spoke to a lady who

466
00:17:55,880 --> 00:18:00,280
was really struggling financially and she just took

467
00:18:00,280 --> 00:18:04,200
out additional debt to add a line to

468
00:18:04,200 --> 00:18:04,820
our house.

469
00:18:04,820 --> 00:18:07,080
And so we're talking about how to get

470
00:18:07,080 --> 00:18:07,800
out of this debt.

471
00:18:08,240 --> 00:18:11,160
And then she pops up with a whole,

472
00:18:11,300 --> 00:18:13,540
well, I need furniture for the line and

473
00:18:13,540 --> 00:18:15,120
I said, well, what if we just make

474
00:18:15,120 --> 00:18:16,920
that your dance floor for a little while?

475
00:18:17,040 --> 00:18:18,220
I just stopped.

476
00:18:18,360 --> 00:18:21,820
Uh, and it, there was like, nothing was

477
00:18:21,820 --> 00:18:22,740
penetrating her.

478
00:18:22,880 --> 00:18:27,960
She was really driven by her emotional need

479
00:18:27,960 --> 00:18:30,400
to have these things and just was not

480
00:18:30,400 --> 00:18:31,660
having, having it.

481
00:18:31,660 --> 00:18:34,420
And it was, it can be very frustrating

482
00:18:34,420 --> 00:18:36,060
when people don't see the ramifications.

483
00:18:36,280 --> 00:18:36,640
Well, okay.

484
00:18:36,680 --> 00:18:38,760
So you're telling me that you don't like

485
00:18:38,760 --> 00:18:40,920
working three jobs yet.

486
00:18:41,000 --> 00:18:42,640
You're doing this to yourself.

487
00:18:42,780 --> 00:18:44,300
Why are you doing this to yourself?

488
00:18:46,240 --> 00:18:46,740
Yeah.

489
00:18:46,980 --> 00:18:47,280
All right.

490
00:18:47,460 --> 00:18:51,560
So, um, the behavioral element is an important

491
00:18:51,560 --> 00:18:54,800
part for any, uh, you know, whether gender

492
00:18:54,800 --> 00:18:58,020
irrelevant, it's part of what drives our decision

493
00:18:58,020 --> 00:18:59,100
making at times.

494
00:18:59,100 --> 00:19:03,260
Um, there's also things that, uh, differences in

495
00:19:03,260 --> 00:19:06,380
the genders between in variety of ways, as

496
00:19:06,380 --> 00:19:10,200
it relates to financial issues, personal finance.

497
00:19:10,340 --> 00:19:13,200
Let's talk about some of the challenges that

498
00:19:13,200 --> 00:19:18,080
women just structurally seem to be facing as

499
00:19:18,080 --> 00:19:20,140
a starting point that makes it all the

500
00:19:20,140 --> 00:19:23,800
more important for them to take some ownership

501
00:19:23,800 --> 00:19:28,520
and involvement in their own financial life.

502
00:19:28,520 --> 00:19:29,180
Okay.

503
00:19:29,720 --> 00:19:31,840
But Chris, would you mind if I just

504
00:19:31,840 --> 00:19:33,900
back up for a minute and just, I,

505
00:19:33,960 --> 00:19:37,440
I want to get the opposite.

506
00:19:37,920 --> 00:19:41,040
Um, so, so yes, um, there are things

507
00:19:41,040 --> 00:19:44,280
that women will sometimes even allow their emotions

508
00:19:44,280 --> 00:19:46,500
to get in the way more than, um,

509
00:19:46,580 --> 00:19:50,360
other people, but men do as well, more

510
00:19:50,360 --> 00:19:52,980
from the standpoint and what, what's been shown

511
00:19:52,980 --> 00:19:54,680
and confidence, right?

512
00:19:54,680 --> 00:19:56,600
A greater confidence.

513
00:19:57,480 --> 00:19:58,120
Absolutely.

514
00:19:58,740 --> 00:20:01,400
And it's been shown over and over again.

515
00:20:01,580 --> 00:20:03,560
There's a couple of really great studies.

516
00:20:03,680 --> 00:20:06,840
My favorite is, um, uh, Barbara and Odin

517
00:20:06,840 --> 00:20:10,440
did a study back, um, years ago, uh,

518
00:20:10,780 --> 00:20:14,120
where they, they took brokerage data and they

519
00:20:14,120 --> 00:20:15,960
looked at men and women investing and they

520
00:20:15,960 --> 00:20:18,620
found that men traded way too often.

521
00:20:18,620 --> 00:20:23,160
They took much riskier, uh, positions and the

522
00:20:23,160 --> 00:20:28,280
women with their more disciplined approach, patience and

523
00:20:28,280 --> 00:20:31,460
so forth were actually performed better than the

524
00:20:31,460 --> 00:20:31,820
men.

525
00:20:32,800 --> 00:20:35,580
Yeah, I think that's an important, that's, that's,

526
00:20:35,720 --> 00:20:37,860
again, that's a great example of why there's

527
00:20:37,860 --> 00:20:42,400
a benefit to that, um, collaborative approach between

528
00:20:42,400 --> 00:20:44,140
men and women in a family or whatever,

529
00:20:44,140 --> 00:20:46,660
that it's not just one or the other.

530
00:20:47,080 --> 00:20:48,640
You get a little bit of these, uh,

531
00:20:48,640 --> 00:20:52,160
the blended, uh, benefits of everyone's perspective, right?

532
00:20:52,700 --> 00:20:53,140
That's right.

533
00:20:53,280 --> 00:20:55,780
And the other thing too, um, I, I

534
00:20:55,780 --> 00:20:57,940
hope you guys, I'm sure you probably do.

535
00:20:58,200 --> 00:21:00,600
Um, when, when a man comes into your

536
00:21:00,600 --> 00:21:03,160
office and he leaves his wife at home

537
00:21:03,160 --> 00:21:05,380
all the time, I hope you encourage her

538
00:21:05,380 --> 00:21:07,560
to come into the office too, because I

539
00:21:07,560 --> 00:21:09,960
mean, the other, the other thing is that

540
00:21:09,960 --> 00:21:11,600
whole, the fact I'm working with a widow

541
00:21:11,600 --> 00:21:13,360
right now, and she said, you know, my

542
00:21:13,360 --> 00:21:15,180
husband treated me like a queen and I

543
00:21:15,180 --> 00:21:17,860
didn't need to worry about anything, but now

544
00:21:17,860 --> 00:21:19,880
I'm a deer in the headlight.

545
00:21:20,060 --> 00:21:21,180
I'm, I'm terrified.

546
00:21:21,560 --> 00:21:23,760
And, um, you know, a lot of men

547
00:21:23,760 --> 00:21:25,940
will do this.

548
00:21:26,220 --> 00:21:28,440
Um, they actually are doing it to their

549
00:21:28,440 --> 00:21:28,640
wife.

550
00:21:28,700 --> 00:21:29,500
They don't realize.

551
00:21:29,620 --> 00:21:32,120
I think they're doing a wonderful thing by

552
00:21:32,120 --> 00:21:34,660
not letting her worry about it.

553
00:21:34,740 --> 00:21:36,160
Don't you think a lot of times it's

554
00:21:36,160 --> 00:21:38,640
not, um, it's not anything deliberate.

555
00:21:38,780 --> 00:21:42,880
It's just this, um, division of, uh, resources.

556
00:21:42,880 --> 00:21:45,220
And, you know, you, you handle these things

557
00:21:45,220 --> 00:21:46,980
at the house and I handle those things

558
00:21:46,980 --> 00:21:47,560
of the house.

559
00:21:47,960 --> 00:21:50,120
You know, you get these habits that evolve

560
00:21:50,120 --> 00:21:50,580
and develop.

561
00:21:50,660 --> 00:21:53,080
And as you, you illustrated earlier with someone

562
00:21:53,080 --> 00:21:55,600
saying, oh, I don't like money issues, you

563
00:21:55,600 --> 00:21:58,980
know, that they're become these ingrained like perceptions

564
00:21:58,980 --> 00:21:59,720
and biases.

565
00:21:59,720 --> 00:22:00,160
Right.

566
00:22:00,640 --> 00:22:03,340
And that's not always productive.

567
00:22:03,540 --> 00:22:04,020
Right.

568
00:22:04,140 --> 00:22:04,600
It's bad.

569
00:22:04,940 --> 00:22:10,000
So, uh, I don't do much cooking in

570
00:22:10,000 --> 00:22:10,560
my house.

571
00:22:11,000 --> 00:22:12,800
I should, I should be doing more of

572
00:22:12,800 --> 00:22:13,700
the cooking too.

573
00:22:13,780 --> 00:22:14,080
Right.

574
00:22:14,080 --> 00:22:15,560
You know, like, so that I know what

575
00:22:15,560 --> 00:22:16,060
I'm doing.

576
00:22:16,060 --> 00:22:18,220
If something were to happen to my wife,

577
00:22:18,380 --> 00:22:20,660
you know, you know, as an example, you

578
00:22:20,660 --> 00:22:22,760
get these blended, you know, we all do

579
00:22:22,760 --> 00:22:25,120
our different things and each has their different

580
00:22:25,120 --> 00:22:25,700
behaviors.

581
00:22:26,500 --> 00:22:27,220
That's right.

582
00:22:27,980 --> 00:22:31,840
Although I would argue that, um, you would

583
00:22:31,840 --> 00:22:35,340
figure out how to eat if a lot

584
00:22:35,340 --> 00:22:38,380
easier than somebody, I wouldn't worry about Chris.

585
00:22:42,360 --> 00:22:44,700
Well, but the thing is, is that, you

586
00:22:44,700 --> 00:22:47,760
know, because, um, finance is not just it

587
00:22:47,760 --> 00:22:48,880
inherently intuitive.

588
00:22:49,200 --> 00:22:50,840
Oh, I get it just like that.

589
00:22:51,200 --> 00:22:54,180
It's a muscle that we develop over time,

590
00:22:54,180 --> 00:22:57,300
the, the knowledge and the comfort and the

591
00:22:57,300 --> 00:23:01,860
ability to understand the decision-making happens over

592
00:23:01,860 --> 00:23:02,580
time.

593
00:23:02,880 --> 00:23:05,320
And I often liken it to a language,

594
00:23:05,320 --> 00:23:08,260
um, that it's like, it, it, it, it's

595
00:23:08,260 --> 00:23:10,940
it's a little bit uncomfortable feel, you know,

596
00:23:11,000 --> 00:23:14,520
you, you're learning vocabulary, but eventually you can

597
00:23:14,520 --> 00:23:17,000
become fluent, you know, and it's, you have

598
00:23:17,000 --> 00:23:18,260
to be immersed in it a bit to

599
00:23:18,260 --> 00:23:18,940
become fluent.

600
00:23:19,440 --> 00:23:21,520
And it's not that it's rocket science necessarily,

601
00:23:21,540 --> 00:23:24,020
but it is detailed and complicated.

602
00:23:24,180 --> 00:23:25,860
And yeah, I have to say, I mean,

603
00:23:26,240 --> 00:23:28,800
if I think about, you know, the MBA

604
00:23:28,800 --> 00:23:30,660
and the master's and the PhD and the

605
00:23:30,660 --> 00:23:33,460
CFP and all the other little certifications that

606
00:23:33,460 --> 00:23:35,440
I got and, you know, working as a,

607
00:23:35,940 --> 00:23:37,000
um, you know, in the corporate world and

608
00:23:37,000 --> 00:23:39,100
we're going to, and all the years that

609
00:23:39,100 --> 00:23:42,760
I've invested, including watching what happened in 2001

610
00:23:42,760 --> 00:23:43,880
and 2008 and so forth.

611
00:23:43,980 --> 00:23:45,800
I can actually sit back and finally say,

612
00:23:45,920 --> 00:23:48,120
I think I kind of know something about

613
00:23:48,120 --> 00:23:48,720
finance.

614
00:23:49,320 --> 00:23:51,320
Um, I may still be wrong.

615
00:23:52,340 --> 00:23:54,800
Um, and I just think, wow, you know,

616
00:23:54,800 --> 00:23:57,600
like I, I thought I looked, I thought

617
00:23:57,600 --> 00:24:01,220
20 years ago, I knew a lot.

618
00:24:01,220 --> 00:24:03,960
And every year I feel like, I mean,

619
00:24:04,000 --> 00:24:06,080
isn't this one of those professions where you're

620
00:24:06,080 --> 00:24:08,500
just always learning more?

621
00:24:10,040 --> 00:24:11,640
Yeah, yeah, absolutely.

622
00:24:11,980 --> 00:24:13,240
And it, there's always more to learn.

623
00:24:13,420 --> 00:24:13,620
Yeah.

624
00:24:13,980 --> 00:24:14,160
Yeah.

625
00:24:15,740 --> 00:24:20,420
Well, um, I, I have, uh, with the

626
00:24:20,420 --> 00:24:21,640
constraint of time, we're not going to get

627
00:24:21,640 --> 00:24:22,100
through everything.

628
00:24:22,220 --> 00:24:25,280
So, and so I think let's not go

629
00:24:25,280 --> 00:24:25,920
into some things.

630
00:24:26,040 --> 00:24:27,840
We'll have you back another time to talk

631
00:24:27,840 --> 00:24:30,700
about when it comes to all the, I

632
00:24:30,700 --> 00:24:33,280
think there's just a lengthy list of things

633
00:24:33,280 --> 00:24:37,640
that are structurally challenging for women in a

634
00:24:37,640 --> 00:24:39,380
way that's different from men.

635
00:24:39,400 --> 00:24:43,100
And so that it creates this, um, need

636
00:24:43,100 --> 00:24:45,700
for women to be more, uh, engaged.

637
00:24:45,940 --> 00:24:49,260
But today let's focus on this, this mentioned

638
00:24:49,260 --> 00:24:52,160
that you did with the seminar recently, this,

639
00:24:52,420 --> 00:24:55,220
why is it that married women need to

640
00:24:55,220 --> 00:24:58,440
be more engaged and how do you help

641
00:24:58,440 --> 00:25:03,360
them move from a complacent kind of, uh,

642
00:25:04,360 --> 00:25:08,920
disengagement to a more fully engaged approach?

643
00:25:09,680 --> 00:25:09,780
Right.

644
00:25:10,440 --> 00:25:13,240
So, um, couple, couple of things.

645
00:25:13,340 --> 00:25:15,260
So I, that, that was what my TEDx

646
00:25:15,260 --> 00:25:16,960
was about trying to encourage women to get

647
00:25:16,960 --> 00:25:17,480
engaged.

648
00:25:17,540 --> 00:25:19,700
And I, I got mixed reactions from people

649
00:25:19,700 --> 00:25:20,200
for sure.

650
00:25:20,360 --> 00:25:22,040
And, you know, I, I continue to get

651
00:25:22,040 --> 00:25:23,960
mixed reactions from people.

652
00:25:24,160 --> 00:25:25,960
I think, you know, it's really important, you

653
00:25:25,960 --> 00:25:28,320
know, I'll provide, uh, I started out a

654
00:25:28,320 --> 00:25:30,460
lot of times just rattling off the statistics,

655
00:25:30,920 --> 00:25:32,360
you know, eight out of 10 of us

656
00:25:32,360 --> 00:25:35,000
are going to be eventually on our own,

657
00:25:35,360 --> 00:25:37,220
solely responsible for ourselves.

658
00:25:37,220 --> 00:25:40,240
The average woman that become age that a

659
00:25:40,240 --> 00:25:42,480
woman becomes a widow is 59.

660
00:25:43,200 --> 00:25:48,380
You know, that, um, when, um, a woman

661
00:25:48,380 --> 00:25:52,240
gets with it becomes a widow, 69%

662
00:25:52,240 --> 00:25:56,400
of those widows say that the most difficult

663
00:25:56,400 --> 00:26:00,020
thing over everything else is trying to figure

664
00:26:00,020 --> 00:26:03,880
out, you know, how to navigate the financial

665
00:26:03,880 --> 00:26:06,560
decision-making, um, they're overwhelmed.

666
00:26:06,880 --> 00:26:09,820
There's statistics around bad sleep.

667
00:26:09,960 --> 00:26:11,320
You know, they're not able to sleep all

668
00:26:11,320 --> 00:26:12,120
these different things.

669
00:26:12,600 --> 00:26:14,300
Why put yourself in that position?

670
00:26:14,480 --> 00:26:14,840
Why not?

671
00:26:15,140 --> 00:26:19,080
You know, we're, as comprehensive financial planners, we

672
00:26:19,080 --> 00:26:22,140
are taught early on about protecting the downside,

673
00:26:22,700 --> 00:26:25,240
about making sure that you try to control

674
00:26:25,240 --> 00:26:27,040
the controllable, make sure that you have good

675
00:26:27,040 --> 00:26:27,760
life insurance.

676
00:26:27,780 --> 00:26:29,880
If you're in your earning years, making sure

677
00:26:29,880 --> 00:26:31,880
that you maybe have, you know, a decent

678
00:26:31,880 --> 00:26:33,960
homeowner's problems, all the things that we try

679
00:26:33,960 --> 00:26:35,940
to protect all the downsides.

680
00:26:36,100 --> 00:26:38,800
Well, that's a downside is not being able

681
00:26:38,800 --> 00:26:42,560
to understand finance well enough that you can

682
00:26:42,560 --> 00:26:46,940
at least, um, feel comfortable about navigating.

683
00:26:47,140 --> 00:26:48,800
And maybe you're not going to make all

684
00:26:48,800 --> 00:26:51,060
those decisions yourself.

685
00:26:51,060 --> 00:26:52,800
Maybe you're going to hire somebody, but how

686
00:26:52,800 --> 00:26:54,700
do you even know how to hire somebody

687
00:26:54,700 --> 00:26:58,020
that you can trust if you don't know

688
00:26:58,020 --> 00:26:59,220
the right questions to ask?

689
00:26:59,660 --> 00:27:01,740
Yeah, that's a good point.

690
00:27:01,880 --> 00:27:03,020
So how do you, how do you help

691
00:27:03,020 --> 00:27:06,920
people to, uh, know the answer to that?

692
00:27:07,580 --> 00:27:10,760
So, so I, I often will try to,

693
00:27:10,760 --> 00:27:12,220
you know, throw out some of those statistics

694
00:27:12,220 --> 00:27:15,020
and, and get them to see the potential

695
00:27:15,020 --> 00:27:16,120
obstacle.

696
00:27:16,120 --> 00:27:19,760
Um, I will try to reposition the idea

697
00:27:19,760 --> 00:27:22,400
of this is not about dying with a

698
00:27:22,400 --> 00:27:23,200
pile of money.

699
00:27:23,360 --> 00:27:25,700
This is about how do you want to

700
00:27:25,700 --> 00:27:26,600
live your life?

701
00:27:26,900 --> 00:27:30,280
And there's this very important resource called money.

702
00:27:30,300 --> 00:27:32,220
And if you figure out how to use

703
00:27:32,220 --> 00:27:35,320
it properly, you can actually live a better

704
00:27:35,320 --> 00:27:35,680
life.

705
00:27:35,760 --> 00:27:37,280
You can make better decisions.

706
00:27:37,280 --> 00:27:40,720
You can make better choices and have some

707
00:27:40,720 --> 00:27:45,260
even potential opportunity that if you can adequately

708
00:27:45,260 --> 00:27:48,600
protect yourself and your family, and then you

709
00:27:48,600 --> 00:27:50,580
figure out what's important to you.

710
00:27:50,780 --> 00:27:55,120
And you, you, um, identify your goals and

711
00:27:55,120 --> 00:27:58,760
your behavior aligned with what's important to you

712
00:27:58,760 --> 00:27:59,760
in terms of your values.

713
00:27:59,880 --> 00:28:01,740
So now you're living your life on your

714
00:28:01,740 --> 00:28:02,140
terms.

715
00:28:02,460 --> 00:28:04,440
I mean, people talk about this concept of

716
00:28:04,440 --> 00:28:06,380
being authentic all the time.

717
00:28:06,380 --> 00:28:07,420
And I was going to say, well, what

718
00:28:07,420 --> 00:28:08,160
is that?

719
00:28:08,280 --> 00:28:10,320
You know, do you even know what your

720
00:28:10,320 --> 00:28:10,920
values are?

721
00:28:10,920 --> 00:28:12,580
You know, a lot of people have never

722
00:28:12,580 --> 00:28:14,660
even explicitly thought about it.

723
00:28:14,720 --> 00:28:16,280
They think they're clear on their values, but

724
00:28:16,280 --> 00:28:19,720
they've never actually done the contemplative or reflective

725
00:28:19,720 --> 00:28:21,600
work to understand what their values are.

726
00:28:22,220 --> 00:28:24,740
So, um, how do you help people identify

727
00:28:24,740 --> 00:28:25,060
that?

728
00:28:25,480 --> 00:28:27,820
We have a bunch of exercises that we

729
00:28:27,820 --> 00:28:28,200
do.

730
00:28:28,280 --> 00:28:30,220
Um, we will help them a lot of

731
00:28:30,220 --> 00:28:30,460
times.

732
00:28:30,520 --> 00:28:32,380
It's like, you know, it's conceptually, it's like,

733
00:28:32,460 --> 00:28:35,720
oh, um, yeah, I, I value family.

734
00:28:35,780 --> 00:28:36,740
I value, you know, whatever.

735
00:28:36,740 --> 00:28:39,920
There's things that you, you know, reflexively might

736
00:28:39,920 --> 00:28:44,520
articulate, but I'm curious how you help someone

737
00:28:44,520 --> 00:28:45,740
really dig down, right?

738
00:28:45,820 --> 00:28:47,700
Dig into that to get a handle on,

739
00:28:47,800 --> 00:28:48,860
well, what do I value?

740
00:28:49,260 --> 00:28:50,580
So there's a variety.

741
00:28:50,800 --> 00:28:53,740
I, I used to have, um, a document,

742
00:28:53,880 --> 00:28:56,060
it was like a quiz or like just

743
00:28:56,060 --> 00:28:58,020
a list of all these different values.

744
00:28:58,020 --> 00:28:59,760
And I would have, we would talk about

745
00:28:59,760 --> 00:29:00,560
and go through it.

746
00:29:00,680 --> 00:29:04,400
Um, recently I was introduced to these cards

747
00:29:04,400 --> 00:29:06,400
and by the way, I was introduced them

748
00:29:06,400 --> 00:29:07,500
through WEG.

749
00:29:07,620 --> 00:29:10,760
WEG has used them in other, other groups,

750
00:29:10,780 --> 00:29:12,240
and I'm happy to share them with you

751
00:29:12,240 --> 00:29:14,860
guys because, um, they're, they've been really interesting.

752
00:29:15,020 --> 00:29:17,340
What I like about the cards is that

753
00:29:17,340 --> 00:29:20,340
you can do almost a cluster analysis.

754
00:29:20,560 --> 00:29:21,940
So what we do is we divide the

755
00:29:21,940 --> 00:29:25,540
cards into two, two sections, those values that

756
00:29:25,540 --> 00:29:27,500
resonate with me and those values that don't.

757
00:29:27,660 --> 00:29:29,780
Then we take the values that resonate with

758
00:29:29,780 --> 00:29:29,920
me.

759
00:29:29,940 --> 00:29:32,040
And now I narrowed down to 10, 15

760
00:29:32,040 --> 00:29:32,860
at max.

761
00:29:32,860 --> 00:29:35,920
And then I narrowed them down even further

762
00:29:35,920 --> 00:29:37,280
and start clustering them.

763
00:29:37,380 --> 00:29:39,020
And what I'm, what I try to get

764
00:29:39,020 --> 00:29:41,180
the, um, the client or the person I'm

765
00:29:41,180 --> 00:29:43,340
working with, working with to understand is that

766
00:29:43,340 --> 00:29:46,940
even though these different values seem somewhat similar,

767
00:29:47,480 --> 00:29:50,460
there's one higher, like there's a hierarchy, there's

768
00:29:50,460 --> 00:29:51,560
a motivator.

769
00:29:51,820 --> 00:29:55,760
What is that motivating value that the other

770
00:29:55,760 --> 00:29:57,900
values are still there, but they're being tested

771
00:29:57,900 --> 00:29:59,740
against that motivating value.

772
00:29:59,740 --> 00:30:02,260
And so, I mean, part of it isn't

773
00:30:02,260 --> 00:30:05,080
just the doing and coming up with your

774
00:30:05,080 --> 00:30:05,520
values.

775
00:30:05,760 --> 00:30:08,740
It is the process of talking it through

776
00:30:08,740 --> 00:30:12,460
and discussing it and just, you know, kind

777
00:30:12,460 --> 00:30:15,120
of getting comfortable with, you know, what really

778
00:30:15,120 --> 00:30:16,380
is motivating me in life.

779
00:30:16,400 --> 00:30:18,980
The purpose of this then is to what,

780
00:30:19,080 --> 00:30:23,720
to say, let's define your financial plan in

781
00:30:23,720 --> 00:30:26,960
keeping with what your true priorities are, not

782
00:30:26,960 --> 00:30:30,760
just some arbitrary, you know, financial objectives, but

783
00:30:30,760 --> 00:30:33,460
something that is truly at your core.

784
00:30:33,700 --> 00:30:34,780
Is that the gist of it?

785
00:30:35,320 --> 00:30:35,620
Absolutely.

786
00:30:35,920 --> 00:30:36,980
Money is a limited resource.

787
00:30:37,500 --> 00:30:38,960
It doesn't grow on trees.

788
00:30:39,560 --> 00:30:41,480
I always love this exercise that I do

789
00:30:41,480 --> 00:30:44,220
for my younger folks when I teach them

790
00:30:44,220 --> 00:30:46,040
how to use the financial calculator.

791
00:30:46,860 --> 00:30:49,260
And I talk to them about time value

792
00:30:49,260 --> 00:30:51,240
money and about the limited resources and so

793
00:30:51,240 --> 00:30:51,400
forth.

794
00:30:51,400 --> 00:30:55,600
I have them key in, okay, you're spending

795
00:30:55,600 --> 00:30:59,420
$7, $6, whatever at Starbucks every day.

796
00:30:59,800 --> 00:31:00,780
Okay, key that in.

797
00:31:01,120 --> 00:31:03,380
And you're doing that for, you know, five

798
00:31:03,380 --> 00:31:06,360
days a week for 20, 30 years.

799
00:31:06,520 --> 00:31:07,280
Okay, key that in.

800
00:31:07,600 --> 00:31:09,040
Okay, what is that number?

801
00:31:09,540 --> 00:31:12,060
And they're all always really surprised.

802
00:31:12,280 --> 00:31:14,380
And I say, okay, I'm not going to

803
00:31:14,380 --> 00:31:15,380
tell you not to buy Starbucks.

804
00:31:15,520 --> 00:31:16,980
You go out and you buy Starbucks every

805
00:31:16,980 --> 00:31:17,220
day.

806
00:31:17,720 --> 00:31:18,580
There's your yacht.

807
00:31:19,080 --> 00:31:21,420
You buy a yacht, or you can buy

808
00:31:21,420 --> 00:31:21,860
Starbucks.

809
00:31:22,280 --> 00:31:23,300
You choose.

810
00:31:23,780 --> 00:31:27,560
And getting people to understand that they can

811
00:31:27,560 --> 00:31:29,860
achieve certain things, but they have to then

812
00:31:29,860 --> 00:31:31,320
not do other things.

813
00:31:32,580 --> 00:31:33,400
These are choices.

814
00:31:33,680 --> 00:31:34,900
Yeah, very good.

815
00:31:37,120 --> 00:31:40,480
So does that values exercise a core part

816
00:31:40,480 --> 00:31:43,400
of your engagement with clientele?

817
00:31:43,540 --> 00:31:46,280
Is that a like building block you develop?

818
00:31:46,280 --> 00:31:48,800
So it depends.

819
00:31:49,160 --> 00:31:50,660
Now, I told you I came from New

820
00:31:50,660 --> 00:31:50,760
York.

821
00:31:50,760 --> 00:31:51,820
It's a favorite phrase, actually.

822
00:31:52,140 --> 00:31:52,260
Yeah.

823
00:31:52,460 --> 00:31:52,620
Yeah.

824
00:31:52,680 --> 00:31:55,060
I mean, there are New Yorkers that would

825
00:31:55,060 --> 00:31:56,540
have zero patience with that.

826
00:31:56,780 --> 00:31:59,560
So, you know, I mean, I guess if

827
00:31:59,560 --> 00:32:01,280
I lived out in California, more people would

828
00:32:01,280 --> 00:32:01,420
be.

829
00:32:01,860 --> 00:32:05,380
So I kind of feel the client out

830
00:32:05,380 --> 00:32:10,100
and feel for what they're willing to do

831
00:32:10,100 --> 00:32:10,620
with me.

832
00:32:10,740 --> 00:32:13,000
Sometimes just asking to complete a risk tolerance

833
00:32:13,000 --> 00:32:13,480
questionnaire.

834
00:32:14,000 --> 00:32:14,160
Right.

835
00:32:17,140 --> 00:32:18,140
All right.

836
00:32:18,300 --> 00:32:21,280
So when possible, you pursue that.

837
00:32:22,820 --> 00:32:26,840
And then just, you know, do you always

838
00:32:26,840 --> 00:32:28,480
like to start with a financial plan, the

839
00:32:28,480 --> 00:32:30,980
comprehensive financial plan as part of the process

840
00:32:30,980 --> 00:32:31,700
before?

841
00:32:32,000 --> 00:32:34,780
I am a professor of CFP programs.

842
00:32:34,960 --> 00:32:36,120
I taught two.

843
00:32:36,260 --> 00:32:39,060
In fact, I started a registered CFP program

844
00:32:39,060 --> 00:32:40,700
down here at University of South Florida.

845
00:32:41,300 --> 00:32:42,120
I will not.

846
00:32:42,340 --> 00:32:43,120
I will never.

847
00:32:43,120 --> 00:32:45,240
If somebody comes to me and says, here's

848
00:32:45,240 --> 00:32:47,240
a million dollars or here's 10 million, I

849
00:32:47,240 --> 00:32:47,580
don't care.

850
00:32:48,180 --> 00:32:49,580
Just manage it.

851
00:32:50,160 --> 00:32:51,080
I won't do it.

852
00:32:51,240 --> 00:32:53,420
I tell them I always have to do

853
00:32:53,420 --> 00:32:54,240
a comprehensive plan.

854
00:32:54,340 --> 00:32:55,940
I want to know what's going on in

855
00:32:55,940 --> 00:32:58,800
your life because I might be missing something.

856
00:32:59,580 --> 00:33:02,020
So I will do a financial plan, a

857
00:33:02,020 --> 00:33:04,300
matter of fact, and not manage somebody's money.

858
00:33:04,900 --> 00:33:07,540
But I think comprehensive planning is really valuable.

859
00:33:07,700 --> 00:33:08,920
I think that everybody should do it.

860
00:33:09,420 --> 00:33:11,640
Yeah, we're on the same page as far

861
00:33:11,640 --> 00:33:11,900
as that.

862
00:33:11,900 --> 00:33:13,420
I noticed you're also you're involved in the

863
00:33:13,420 --> 00:33:14,700
Financial Planning Association.

864
00:33:15,540 --> 00:33:18,640
Have you had a long time involvement with

865
00:33:18,640 --> 00:33:19,800
the Financial Planning Association?

866
00:33:20,480 --> 00:33:22,720
Yes, I was involved in it back up

867
00:33:22,720 --> 00:33:24,680
north and then I was on the board

868
00:33:24,680 --> 00:33:26,620
here at Suncoast in Sarasota.

869
00:33:26,940 --> 00:33:29,800
Our board is kind of, I don't know,

870
00:33:29,960 --> 00:33:31,600
it's not operating that well.

871
00:33:31,740 --> 00:33:33,300
There's not enough people that want to be

872
00:33:33,300 --> 00:33:33,600
involved.

873
00:33:33,720 --> 00:33:34,640
I don't understand why.

874
00:33:34,880 --> 00:33:36,880
So I am kind of a little bit

875
00:33:36,880 --> 00:33:40,340
unusual, right, where there's a collaborative thing across

876
00:33:40,340 --> 00:33:41,740
the state of some kind with.

877
00:33:41,900 --> 00:33:42,860
Right, right.

878
00:33:42,940 --> 00:33:44,640
We do have a Florida FBA.

879
00:33:44,960 --> 00:33:47,280
And a matter of fact, they're planning a

880
00:33:47,280 --> 00:33:50,520
trip to go out to Tallahassee in a

881
00:33:50,520 --> 00:33:51,740
couple of weeks.

882
00:33:51,980 --> 00:33:55,620
And I'm trying to reorganize my schedule because

883
00:33:55,620 --> 00:33:59,040
they've been very active and involved with talking

884
00:33:59,040 --> 00:34:04,120
to our representatives about financial literacy, firstly in

885
00:34:04,120 --> 00:34:06,300
the high schools and then even in the

886
00:34:06,300 --> 00:34:09,880
universities, which has been a real hill to

887
00:34:09,880 --> 00:34:12,420
climb, which is surprising.

888
00:34:13,139 --> 00:34:14,100
Yeah, it's such an important thing.

889
00:34:14,400 --> 00:34:15,460
Yeah, that's great.

890
00:34:16,380 --> 00:34:18,260
And thanks for your effort, for sure.

891
00:34:18,520 --> 00:34:18,639
Yeah.

892
00:34:19,000 --> 00:34:20,340
Thanks for your involvement in that.

893
00:34:20,580 --> 00:34:22,179
I think we all need to, you know,

894
00:34:22,199 --> 00:34:23,980
make it a priority to participate in our

895
00:34:23,980 --> 00:34:26,360
industry association at some time or another.

896
00:34:28,760 --> 00:34:32,060
So, well, we could keep talking, but I

897
00:34:32,060 --> 00:34:34,760
feel like we've covered around the time we

898
00:34:34,760 --> 00:34:35,840
normally would talk.

899
00:34:36,239 --> 00:34:37,580
What did you want to get in this

900
00:34:37,580 --> 00:34:37,940
first?

901
00:34:38,139 --> 00:34:39,440
We're going to have you back for sure.

902
00:34:39,860 --> 00:34:39,960
Absolutely.

903
00:34:39,960 --> 00:34:43,120
We're going to talk more about some of

904
00:34:43,120 --> 00:34:45,620
the specific kinds of challenges women face along

905
00:34:45,620 --> 00:34:48,800
the way that are unique from men in

906
00:34:48,800 --> 00:34:50,739
their financial planning endeavors.

907
00:34:51,320 --> 00:34:53,760
But, you know, particularly on this topic about

908
00:34:53,760 --> 00:34:57,820
married women and needing to pay attention or

909
00:34:57,820 --> 00:34:58,420
anything else.

910
00:34:58,480 --> 00:34:59,920
Was there anything else you wanted to address

911
00:34:59,920 --> 00:35:00,280
today?

912
00:35:00,980 --> 00:35:03,780
Well, I guess I suppose without getting into

913
00:35:03,780 --> 00:35:07,020
all those other things, you know, if women

914
00:35:07,020 --> 00:35:09,280
could just be a little bit reflective and

915
00:35:09,280 --> 00:35:11,740
think about all those big decisions that are

916
00:35:11,740 --> 00:35:16,020
made in your family, at your workplace, in

917
00:35:16,020 --> 00:35:18,960
the community, in the world, they have financial

918
00:35:18,960 --> 00:35:19,820
implications.

919
00:35:20,120 --> 00:35:23,820
Almost every decision that is made has some

920
00:35:23,820 --> 00:35:24,780
implications there.

921
00:35:24,780 --> 00:35:27,640
And the more you understand money, the more

922
00:35:27,640 --> 00:35:30,420
you can contribute and be at the table.

923
00:35:30,780 --> 00:35:34,680
So we, as women, need to be at

924
00:35:34,680 --> 00:35:35,060
the table.

925
00:35:35,200 --> 00:35:36,380
We need to assist.

926
00:35:36,580 --> 00:35:38,280
Everybody has something to contribute.

927
00:35:38,500 --> 00:35:40,880
But if you don't have that knowledge, you're

928
00:35:40,880 --> 00:35:42,200
going to be limited in what you can

929
00:35:42,200 --> 00:35:42,540
contribute.

930
00:35:42,920 --> 00:35:45,180
So from that standpoint, I'm hoping those higher

931
00:35:45,180 --> 00:35:47,960
earners who do want to do something with

932
00:35:47,960 --> 00:35:49,380
their lives will hear that.

933
00:35:52,460 --> 00:35:53,660
Excellent conversation.

934
00:35:54,220 --> 00:35:56,560
Dr. Laura Mateo, let's have you back and

935
00:35:56,560 --> 00:35:59,400
let's do this again and talk more about

936
00:35:59,400 --> 00:36:02,300
the kinds of challenges women face so that

937
00:36:02,300 --> 00:36:06,840
we can help inform our listeners and help

938
00:36:06,840 --> 00:36:08,500
them in their financial journey.

939
00:36:09,500 --> 00:36:12,140
Hopefully they're paying attention in ways that they

940
00:36:12,140 --> 00:36:12,660
need to.

941
00:36:13,340 --> 00:36:15,700
So you've been a pleasure to have with

942
00:36:15,700 --> 00:36:15,840
us.

943
00:36:15,920 --> 00:36:16,980
Thanks for being with us today.

944
00:36:17,020 --> 00:36:17,880
Thank you so much.

945
00:36:17,900 --> 00:36:19,440
It was great to talk to you both,

946
00:36:19,660 --> 00:36:20,180
Chris and Jeff.

947
00:36:20,420 --> 00:36:21,220
Wonderful to see you.

948
00:36:21,340 --> 00:36:21,860
Thank you.

949
00:36:21,860 --> 00:36:22,560
Okay.

950
00:36:22,740 --> 00:36:23,980
Thanks, everybody, for being with us.

951
00:36:24,060 --> 00:36:25,720
If you need any help, you can reach

952
00:36:25,720 --> 00:36:28,580
out to actually, Laura, do you want to

953
00:36:28,580 --> 00:36:31,760
share your contact information for our audience before

954
00:36:31,760 --> 00:36:33,260
we sign off with ours?

955
00:36:33,840 --> 00:36:33,980
Sure.

956
00:36:34,080 --> 00:36:36,300
Well, it's similar to both of yours.

957
00:36:36,500 --> 00:36:39,140
It's lmatea at wealthenhancement.com.

958
00:36:39,780 --> 00:36:43,080
If anybody wanted to work with, do something

959
00:36:43,080 --> 00:36:47,100
with the three of us, even, we could

960
00:36:47,100 --> 00:36:47,780
work as a team.

961
00:36:47,780 --> 00:36:50,520
We are partners at this firm and we

962
00:36:50,520 --> 00:36:53,980
can certainly work together to even help somebody.

963
00:36:54,220 --> 00:36:54,360
Absolutely.

964
00:36:54,780 --> 00:36:57,640
And it's the kind of thing that there's

965
00:36:57,640 --> 00:37:01,600
different partners that have areas of expertise and

966
00:37:01,600 --> 00:37:02,960
we all can work together.

967
00:37:03,180 --> 00:37:04,660
So glad to have you with us.

968
00:37:04,740 --> 00:37:06,080
We're going to have you back for sure.

969
00:37:06,520 --> 00:37:09,180
Until next time, everybody, keep striving for something

970
00:37:09,180 --> 00:37:09,520
more.

971
00:37:10,900 --> 00:37:12,880
Thank you for listening to Something More with

972
00:37:12,880 --> 00:37:13,600
Chris Boyd.

973
00:37:13,600 --> 00:37:16,040
Call us for help, whether it's for financial

974
00:37:16,040 --> 00:37:19,980
planning or portfolio management, insurance concerns, or those

975
00:37:19,980 --> 00:37:22,020
quality of life issues that make the money

976
00:37:22,020 --> 00:37:23,120
matters matter.

977
00:37:23,500 --> 00:37:26,740
Whatever's on your mind, visit us at somethingmorewithchrisboyd

978
00:37:26,740 --> 00:37:29,940
.com or call us toll free at 866

979
00:37:29,940 --> 00:37:35,480
-771-8901 or send us your questions to

980
00:37:35,480 --> 00:37:39,440
amr-info at wealthenhancement.com.

981
00:37:39,540 --> 00:37:41,540
You're listening to Something More with Chris Boyd

982
00:37:41,540 --> 00:37:44,160
Financial Talk Show, Wealth Enhancement Advisory Services and

983
00:37:44,160 --> 00:37:46,300
Jay Christopher Boyd provide investment advice on an

984
00:37:46,300 --> 00:37:47,860
individual basis to clients only.

985
00:37:48,020 --> 00:37:50,020
Proper advice depends on a complete analysis of

986
00:37:50,020 --> 00:37:51,200
all facts and circumstances.

987
00:37:51,500 --> 00:37:53,280
The information given on this program is general

988
00:37:53,280 --> 00:37:55,320
financial comments and cannot be relied upon as

989
00:37:55,320 --> 00:37:56,900
pertaining to your specific situation.

990
00:37:57,120 --> 00:37:59,080
Wealth Enhancement Group cannot guarantee that using the

991
00:37:59,080 --> 00:38:01,080
information from this show will generate profits or

992
00:38:01,080 --> 00:38:02,200
ensure freedom from loss.

993
00:38:02,400 --> 00:38:04,580
Listeners should consult their own financial advisors or

994
00:38:04,580 --> 00:38:06,660
conduct their own due diligence before making any

995
00:38:06,660 --> 00:38:07,500
financial decisions.