Why Do I Need Financial Planning?
Why Do I Need Financial Planning with Divorce
Money is a complex & emotionally charged topic & seeking professional advice could help you avoid common pitfalls and devise more effective strategies for managing your wealth.
In this episode, Anna Munro joins the show to share her incredible expertise on the importance of financial planning with divorce. Anna is a certified financial planner® and Morgan Stanley Wealth Management senior vice president.
In the session, Ana differentiates between wealth and financial planning, the importance of divorced women focusing on their long-term financial picture, as well as getting organized by taking an inventory of all critical statements & documents as the first step to getting your financial picture in good order. Besides, she suggests breaking down financial planning into manageable steps and seeking the help of a third-party professional to avoid common pitfalls.
Ultimately, Ana shares critical questions while interviewing your financial planner and actionable takeaways for women going through a divorce, including opening an interim account for family expenses, checking credit reports, & reviewing estate planning documents.
Episode Highlights/ Timestamps
[01:33] Introducing today’s guest, “Ana.”
[02:14] Ana’s Journey into Financial Planning
[03:51] The difference between Wealth Planning & Financial Planning
[05:38] Importance of Financial/Wealth Planning in Divorce
[06:37] First step for divorced/pre-divorced women is to get their financial pictures in good order
[09:05] Advise women who don’t know anything about their finances when the husband manages everything
[13:44] Making changes or recommendations in case your financial plan is inadequate to sustain you in the long run
[15:15] Questions to ask your financial advisor/planner when doing financial planning
[20:18] Women empowerment in undertaking financial management roles
[21:43] Actionable takeaways critical to women in their financial planning journey
[26:30] A positive challenge to all women out there in financial planning
Quotes
● When you have a pre-divorce financial plan, you feel more in control & less overwhelmed because everything is in front of them, and it’s much easier to make changes post-divorce.
● “If you are in a situation where you're uncomfortable with something because you don't understand, it's not gonna get any better unless you ask.”
● “The more prepared you are, the better you will make those financial decisions.”
"If you are experiencing any form of domestic violence and abuse, do not leave your abuser without the help of skilled Domestic Violence professionals such as those on the US hotline at 800-799-7233 or those at your local shelter. The most dangerous time in an abused woman's life is when she leaves her abuser."
Connect with Ana Munro, CFP®
LinkedIn: https://www.linkedin.com/in/anamunro/
Website: https://advisor.morganstanley.com/ana.munro
Connect with Beverly Price, the Podcast Host & Divorce & Empowerment Coach
● Website - www.herempowereddivorce.com
● Email - beverly@herempowereddivorce.com
● Facebook - https://www.facebook.com/herempowereddivorce/
● Facebook - https://www.facebook.com/beverlyprice365/
● Facebook Group for Women: Women’s Divorce and Empowerment Group https://www.facebook.com/groups/divorcerecovery
● Instagram - www.instagram.com/her_empowered_divorce
● LinkedIn - www.linkedin.com/in/beverly-price/
● Meetup Group for Women - www.meetup.com/womens-divorce-and-empowerment-group
● Schedule a private consultation: https://Beverly-Price.as.me/Consultation
SUBSCRIBE TO THE HER EMPOWERED DIVORCE PODCAST
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About Host, Beverly Price:
Beverly Price, a certified Divorce and Empowerment coach, combines divorce and empowerment coaching to provide education, support, and insight to guide women through the divorce process and conquer its emotional, technical, financial, and logistical challenges.
Her coaching stresses self-awareness, conflict resolution, communication skills, organization, and clarity. She provides one-on-one custom-designed coaching to help women through the ups and downs and grow from self-doubt to self-love quicker, with less pain and more knowledge than she did.
Other episodes of the Her Empowered Divorce podcast and the Divorce Expert Series, information about Beverly’s coaching, blogs, and more can be found at https://www.herempowereddivorce.com.
Sign up for a free consultation with Beverly to find someone who can educate, advocate and guide you through all phases of divorce so you can reach an empowered and happy new life! Click on the link https://Beverly-Price.as.me/Consultation Don’t go it alone!