Divorce and Your Finances
HER EMPOWERED DIVORCE
HOST: Beverly Price, Divorce & Empowerment Coach
GUEST: Tresa Leftenant, CFP, Author, Speaker, Reinvention Mentor
SUMMARY:
Claiming our financial power isn’t the only step, but it’s among the most critical when it comes to securing the post-divorce life we envision and deserve. On this episode of Her Empowered Divorce, Host Beverly Price welcomes a financial adviser, author and reinvention mentor with actionable tips that will enable you to move forward with confidence. Tresa Leftenant, a Certified Financial Planner and author of "Reinventing Her: Helping Women Plan, Pursue, and Capitalize Their Next Chapter," helps us prioritize the primary building blocks for negotiating a successful divorce and financial independence. She explains the elements we want to put in place to support peace of mind as well as her perspective on financial abuse – a pervasive dynamic that all women need to consider. You’ll come away with both pragmatic advice and a stronger sense of your agency before, during and after the process of divorce. It’s all about laying the groundwork for a future that reflects your heart’s desire and putting in place a pragmatic, manageable plan to get there. “Anybody can learn this,” says Tresa. “You just have to be willing to take the time and have someone explain it to you in a way that is on your wavelength.”
You can find out more about how to connect with Tresa at her website or sign up for a free download of "The Money Stress Solution: Self-Confidence Checklist."
If you’d like to schedule a complimentary private consultation, reach out to Beverly at this link. You can also join her Empowered Divorce Women’s Meetup Group here.
Visit this link to access the entire archive of Her Empowered Divorce episodes and while you’re there, please subscribe, rate and review our show!
KEY TAKEAWAYS:
· Questions your CFP should be asking:
o What exactly do you want in your future?
o What is your vision for your life?
o What steps are you taking to actually improve your life?
· Word to the Wise: Make sure your financial planner is a licensed fiduciary, which adds a layer of responsibility to their decision-making.
· Niche Focus: About Tresa’s commitment and attention to women – and in particular those navigating divorce or widowhood.
· Why the Fear?
o Women receive messages growing up that discourage them from believing that they can be financially independent – and get there on their own!
o No one wants to fail or make the mistakes necessary to learn.
· That Important First Step: Women need to understand their reality and process what they want in the context of their situation before embarking on a divorce.
· Baseline Financial Planning Questions:
o What are the short- and long-term goals?
o What is the timeline for taking action to reach those goals?
· Ongoing Support: Because money is always in motion, the savvy woman constantly monitors her financial plan and stays regularly in touch with her adviser.
· Social Conditioning: Not unlike sexual abuse, Tresa believes financial abuse diminishes, disempowers and traps women.
· Word to the Wise: You can call upon your feminine power and demand equal access to financial education, resources and agency to make decisions.” (Tresa)
· Word to the Wise: Insist on having the tough financial conversations and access to decisions around money from the outset of your relationships. It’s a trust thing.
· Things to Prioritize in Divorce:
o Have a spending plan that takes into consideration who you really are and what you really want?
o Find your purpose and passion and let that guide you.
o Get clear about who you are if not married and what song you want to sing.
· Three Actionable Tips:
o #1: Commit to (and get excited about) being 100% intentional and responsible for every single financial decision.
o #2: Put your emergency fun in place as soon as possible so that you don’t have to rely on borrowing or credit cards.
o #3: Transition your mindset from budgeting to a spending plan that focuses on what you want, what it costs and how to get there.
NOTABLE QUOTES:
· “Twenty years ago I started my own company because I wanted my clients to be my boss instead of having a company be my boss.” (Tresa)
· “Women like to talk to women (about financial planning). We speak the same language.” (Tresa)
· “We get cultural messages that women need a man to help us make the really complicated decisions around investing or estate planning or insurance … (but) anybody can learn this. You just have to be willing to take the time and have someone explain it to you in a way that is on your wavelength.” (Tresa)
· “When money is in movement, that’s when you have to be critically careful about the timing of certain decisions.” (Tresa)
· “To be a successful woman and grow wealth on your own requires that you make it a priority.” (Tresa)
· “When you’re in a partnership, the way to negotiate a future is to have an equal input – … You deserve to be informed. You deserve to be an equal partner in the (financial choices).” (Tresa)
· “Financial abuse is abundant, it’s huge in most marriages and it’s probably the reason for a lot of divorces.” (Tresa)
· “The bottom line is that a woman has to step in and claim her power in her financial decisions.” (Beverly)
· “If a husband is withholding information or putting you down, hiding things or saying you don’t need to see this, that’s when alarm bells should go off.” (Beverly)
· “Budgets are limiting. Spending plans are expansive.” (Tresa)
FURTHER RESOURCES/RELEVANT LINKS:
· Beverly’s personal Facebook page can be found here.
· Women’s Divorce and Empowerment group discussion available here.
ABOUT OUR GUEST:
Tresa Leftenant is a Certified Financial Planner™ and founder of an independent financial planning and investment management company in Bellevue, WA. She is a Certified Trainer of Jack Canfield's Success Principles and author of Reinventing Her - Helping Women Plan, Pursue, and Capitalize on Their Next Chapter. Tresa is passionate about guiding suddenly single women to find their voice and step into a better financial future. Her signature coaching program is The Reinvention Blueprint - 7 Essential Inner Habits for More Confidence, Clarity and Financial Wellbeing
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ABOUT YOUR HOST:
Beverly Price is a CDC Certified Divorce Coach®️and Women’s empowerment coach with over 25 years of experience. Her passion lies in supporting women through every aspect of separation and divorce. She offers a comprehensive coaching experience that goes beyond just empowerment work to help clients develop their communication, conflict management, boundary setting and negotiation skills. Beverly also provides expertise on the technical, legal, and financial aspects of the divorce process. Women will learn how to evaluate whether they want to stay or go in their marriage and how to make the best possible decisions for themselves and their families. With a holistic approach that combines goal-oriented strategies with emotional support, Beverly’s coaching helps clients build a positive and fulfilling future for themselves and their families during and after divorce.
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