Kathy Longo The Independent Woman

Today we have Kathy Longo, she is a CFP, CAP, CDFA and author of Flourish Financially – Values, Transitions and Big Conversations. Kathy is an expert in advising women about money challenges and believes too many women rely on their husbands for their financial planning.

Welcome!

[:] Den and I were discussing prenups last night as we’re getting married in July. We talked about how they are good for each others financial security in the off chance a relationship doesn’t work out. What are your views on a prenup and would you say there is any advice you have for people before they get married?

Disclosure of financial assets are disclosed early on. Debt disclosed as well, it’s important to discuss finances before you get married. If someone comes into inheritance, the prenup takes care of those assets. People don’t always think very protectively when they receive the money

[:] What’s the fundamental first step for women toward building financial confidence?

Becoming in tune to their finances, understanding spending, income source and building an emergency fund Knowing your credit score Understanding your own finances Money still defer the financial decisions to their husbands

[:] Is it wise for a married woman wanting to build her financial strength to have separate accounts, or does that often cause marital friction?

It’s definitely something you want to consider but there is no right or wrong answer Have honesty with each other 

[:] Most women outlive their husbands so at some point if you’re a woman you are going to need to manage your money. In what financial area are many women least prepared when they find themselves alone?

Sudden events are the most inopportune time to learn how to manage money The best thing to do is be involved in the finances

[:] Tell us a bit about your book Flourish Financially – Values, Transitions and Big Conversations

Just came out in September Helps you have good financial conversations with people

[:] Value Link Round

[:] What is your saving or retirement plan?

Been in the business for 25 years, saving is super important Started 401(k) in the first year of her business which started 5 years ago Building her business for her retirement

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

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

[:] Parting piece of advice?

Start having money conversations and take responsibility