WEBVTT
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[SPEAKER_00]: In today's episode we have Lacy Garcia.
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[SPEAKER_00]: She is the CEO and founder of Willow Trust.
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[SPEAKER_00]: She's also a former wealth manager.
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[SPEAKER_00]: And in today's episode we're going to break down women's financial wellness during transition times and a clear framework that you can follow.
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[SPEAKER_00]: Let's get to work.
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[SPEAKER_00]: major life transitions such as becoming a caregiver of your parents going through a divorce or a career change, it affects drastically our financial decisions.
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[SPEAKER_00]: However, those aren't rarely taking into consideration in the good and good financial, traditional financial planning world.
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[SPEAKER_00]: Lacey, why is that wonderful to be with you here today under us?
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[SPEAKER_01]: I thank you so much to you and to Liz and to the invest her community.
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[SPEAKER_01]: Such a big admirer of what you're building and the women that are here as part of this community and listening to that.
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[SPEAKER_01]: So let's start with the simple fact.
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[SPEAKER_01]: The financial services industry was not built for the women that are leading the way and paving the paths of the future, effectively the new face of wealth, right?
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[SPEAKER_01]: and all these models, these tools, these plans were built around one man kind of going to work and working consistently throughout his life and not going through any of these transitions such as needing to take time away from the workforce for caregiving, for having children.
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[SPEAKER_01]: Let's talk about obviously the rise of divorce rate and all these
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[SPEAKER_01]: and the financial plan that you need around it.
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[SPEAKER_01]: And so one of the things we like to say at Willow is it's not just about that you need an advisor to help you to grow your wealth, but you need an advisor to help you transition.
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[SPEAKER_01]: These tricky, challenging, emotional, joyful moments and transitions and different life stages.
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[SPEAKER_01]: so that you are able to not only grow that wealth but make it work for you so that you can get through that stage and then get to the next the next stage in life.
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[SPEAKER_00]: Absolutely.
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[SPEAKER_00]: I, as someone who has gone through a divorce, it's very lonely and it's a new path.
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[SPEAKER_00]: You don't know what you don't know, right?
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[SPEAKER_00]: And Taylor is just liking front in front of you.
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[SPEAKER_00]: And you feel the effect on my emotion looking back right now, right?
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[SPEAKER_00]: The effect on my emotion state was super high.
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[SPEAKER_00]: And I don't believe later on, yes, but I don't believe I received
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[SPEAKER_00]: the proper care from myself and from the advisors that I have around me taking consideration that piece.
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[SPEAKER_00]: That being said, right?
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[SPEAKER_00]: I'm not the ideal client.
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[SPEAKER_00]: I'm not the, I was not the face of wealth for them.
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[SPEAKER_00]: So how do you connect the emotional health piece with, with health itself?
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[SPEAKER_01]: I hear you and I feel you on that as somebody also went through a very challenging divorce.
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[SPEAKER_01]: Which was incredibly difficult emotionally and quite frankly I'm like almost eight years out and it still can be right It's still I if you're co-parenting doesn't mean that all some people.
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[SPEAKER_01]: It's like, oh, it's so much better Sometimes you struggle Yeah, I know if it's still feels lonely, right?
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[SPEAKER_00]: So, I don't know about that, right?
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[SPEAKER_00]: Of course, certain areas are great, but it's still, let's be honest, just tells us of women they're listening.
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[SPEAKER_00]: Give me a high five here because let's let's be honest, only people that have gone through know knows what we're talking about here, and it takes years.
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[SPEAKER_00]: So thank you, Lacey, for
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[SPEAKER_00]: Really humanizing that process for all of us well trust me.
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[SPEAKER_01]: I'm still in I mean I'm going back to court again this week.
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[SPEAKER_01]: I mean I got to tell you all of the layers of layers of And I'm sorry to say but just I hats off to anyone who's really on the other side of it But so many of us are not right and if you are and you're making it work and you're awesome Then driving and so many things are better off, but it's still it still can be not only emotionally challenging But financially challenging, right?
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[SPEAKER_01]: You're not alone and I mean, it's one thing I know this doesn't directly answer your question, but just, you know, there's a new stat that's really kind of a wake up call for me is that, you know, because one of the things I felt so alone because I got divorced relatively early with a child, which and everybody was like still getting married, you know, and I'm like, you're I am way to second on this path.
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[SPEAKER_01]: Like I feel like I got off the track like here's the life and then all of a sudden it's like oh I'm on this parallel this other track Which I'm not sure it's parallel I'm not sure it's going backwards or it's where it's going right so with this though There's this staggering statistic that by 2030 I think 25% of all women age 22 to like 44 45
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[SPEAKER_01]: are going to be single, remain single by choice, or to be divorced, and we think of all these other things, 45% of women are at least the co-bread writer and if not, we're close to 30% of the primary breadwinner, so it's like the world is changing, right?
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[SPEAKER_01]: In this other track is often becoming sort of maybe the main track kind of moving forward, right?
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[SPEAKER_01]: But I do think one of the things with how we, I think you asked me initially, sort of,
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[SPEAKER_01]: How do we help women?
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[SPEAKER_01]: How do we approach that?
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[SPEAKER_01]: So first things first, it's about, you know, financial wellness does not come without, you know, self-awareness, self-care,
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[SPEAKER_01]: in grace, right, giving yourself grace and like raising your hand and asking for help.
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[SPEAKER_01]: But it's so critical that the people that you ask for help don't make you feel worse, which is was my experience and why I started Trust Willow.com because they made me feel worse, right?
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[SPEAKER_01]: They didn't, and it what we say and what we believe is that the person that you call on for your financial advice should
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[SPEAKER_01]: lead with empathy, they should be educating you, and they should be empowering you, right?
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[SPEAKER_01]: So they should be aware of not just the financial ramifications, but the emotional and the life ramifications of a transition like a divorce and all that's embedded in that.
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[SPEAKER_01]: Finances are super emotional, right?
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[SPEAKER_01]: And if we're not addressing the emotions and supporting, you're not gonna be in a place to be able to actually help somebody.
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[SPEAKER_01]: to then kind of get through it and achieve their financial dreams.
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[SPEAKER_00]: I've seen so many research showing the new face of wealth, right?
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[SPEAKER_00]: And the transfer of wealth that is happening until 2030.
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[SPEAKER_00]: is going beyond beyond right beyond for different reasons women are out living men that's one thing and usually the mean point of contact is the spouse, the men in the relationships.
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[SPEAKER_00]: So when they passed women are so confused and I recently saw a another research I forgot the the percentage but it's a very high percentage that women
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[SPEAKER_00]: don't keep that same financial advisor because she doesn't have any relationship with the person.
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[SPEAKER_00]: They don't know each other and she's like, oh, mine as well goes somewhere else.
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[SPEAKER_00]: So for the women that are listening and they are not going through a transitional situation at this moment.
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[SPEAKER_00]: Because I don't want a one thing that I want to make sure is that you don't have to be in the
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[SPEAKER_00]: take action.
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[SPEAKER_00]: I'm all about offense, right?
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[SPEAKER_00]: You're looking ahead because when something happened, something happened and you're not prepared to it.
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[SPEAKER_00]: So do you think that there's this myth about financial planning that is only if I have
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[SPEAKER_00]: piles and piles sitting down and this is more like a retirement type of deal, like I want to want to debunk all of that and make financial planning a common language about women.
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[SPEAKER_00]: So what would be the first step for somebody that is looking to it, but it might be in a
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[SPEAKER_00]: situation that they actually not sure if they are a good fit to have a financial planner.
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[SPEAKER_01]: That mindset that you just described is the majority, actually, of women.
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[SPEAKER_01]: We see there's about $16 trillion of wealth that's controlled by women that's in motion that's unmanaged, meaning that nobody's advising on it right now or nobody's helping them at best.
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[SPEAKER_01]: So, so you're not alone if you're feeling that way.
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[SPEAKER_01]: I like to think that
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[SPEAKER_01]: as single when it comes to their finances, by the way, that is not coming from a place of somebody who's anti-marriage of very pro-marriage pro-partnership, and I am the product of my parents were married until my mom's death over, you know, we're together for 58 years, right?
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[SPEAKER_01]: I'm like, I'm a big proponent in partnership.
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[SPEAKER_01]: But I'm also myself divorced in single and I know the reality and so when it comes down to it though, regardless of whether or not you're happily coupled or you're fighting it alone, you know, you really need to be in control and that starts with like self awareness and knowledge and in all honesty, there are so many there's such a wide range of financial advisors out there who work with such a wide range.
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[SPEAKER_01]: of folks that there's programs out if you're in serious debt and you need times to help their people can help you with that, right?
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[SPEAKER_01]: And if you only have a little bit of money, there are people that can help you with that.
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[SPEAKER_01]: And if you have obviously millions of dollars or trillions of dollars, you know, they're sophisticated people who can certainly help you build billions, probably or trillions of an institution, right?
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[SPEAKER_01]: that said.
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[SPEAKER_01]: So I think that that's one of the first things first is like sit here, maybe just take a minute and ask yourself, okay, do I feel like I have an understanding of my situation?
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[SPEAKER_01]: If not, do I feel like I have a trusted advisor?
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[SPEAKER_01]: If it's my husband's advisor, do I feel comfortable?
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[SPEAKER_01]: Do I feel like I can get a seat at the table with him?
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[SPEAKER_01]: If not, and if not, like
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[SPEAKER_01]: You know, I do something about that.
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[SPEAKER_01]: If you're, and maybe you have an advisor during the year single, but you don't feel like you have, you can't trust that person.
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[SPEAKER_01]: You don't feel like they're a real partner that feels comfortable.
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[SPEAKER_01]: You can let down your guard because guess what all the concerns, all the fears, all the insecurities, all the stupid questions, you need to be going to that person with those.
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[SPEAKER_01]: That's where you need that, right?
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[SPEAKER_00]: I love that.
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[SPEAKER_00]: What I wish I had was
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[SPEAKER_00]: transition, plan, framework.
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[SPEAKER_00]: Yes, step by step on what you need to do in order for you to be aware first of all.
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[SPEAKER_00]: So let's, let's, let's, let's, let's out at Willow by the way.
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[SPEAKER_00]: I know.
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[SPEAKER_00]: Because I, I think God, that that's what we warned.
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[SPEAKER_00]: Please let us know what we, what we have.
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[SPEAKER_00]: So let's talk about that.
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[SPEAKER_00]: How does that look like?
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[SPEAKER_00]: How do we look at this framework where do we even get started?
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[SPEAKER_01]: First is awareness, like number one, have a conversation with yourself, sit down, take some notes, think about it, like, do I know how much my life costs money coming in, money going out?
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[SPEAKER_01]: If you don't, wrap your head around it, right?
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[SPEAKER_01]: And then next is a spire.
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[SPEAKER_01]: So it's a where a spire.
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[SPEAKER_01]: Okay, what is it that you want to achieve?
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[SPEAKER_01]: What are your financial goals?
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[SPEAKER_01]: What is it?
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[SPEAKER_01]: third is act.
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[SPEAKER_01]: Okay, so how do we act?
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[SPEAKER_01]: I feel like a complete disaster.
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[SPEAKER_01]: I need help.
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[SPEAKER_01]: You need to then get in touch with and start having conversations, start interviewing, start finding the right trusted advisor to help you.
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[SPEAKER_01]: Fourth is a doubt, but you get that plan going because the only thing we can count on is that we cannot, that the curve balls will come, you know, you might be, I'm crushing it, I've just, you know, sold my company for x millions of dollars, I'm like on top of the world, and then whoa, something horrible happens, that just knocks you on yourself, right?
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[SPEAKER_01]: And maybe it's
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[SPEAKER_01]: And maybe it's just a life event, but but really gets in the way of your finances, maybe it's a financial event, whatever it is, but it's it's going to come.
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[SPEAKER_01]: So you need to make sure that you've got that to simple as that cash question that emergency fund that like plan for like, okay.
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[SPEAKER_01]: If things go wrong or something changes, I'm going to be able to adapt.
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[SPEAKER_01]: And then the fifth one is appreciate where you really just need to give yourself a moment because whether or not you're totally crushing it, like you go girl, you deserve so many high fives and share your stories and inspire your friends and help us to get to where you are.
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[SPEAKER_01]: But if it's only baby steps and you manage to put away a little bit of money and you're in the midst of all this stuff, you know, take a moment to give yourself a pat on the back.
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[SPEAKER_01]: So we call it the 5A model, but it's really awareness, aspire, act, adapt, and appreciate.
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[SPEAKER_01]: And it sounds simple, and there's no finances or numbers involved in that, but trust me, it's a basis for how you can get control of your financial situation.
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[SPEAKER_01]: And get that, get to that path, the financial wellness financial freedom financial strength.
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[SPEAKER_00]: Absolutely, because sometimes it's a shock, right?
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[SPEAKER_00]: Let's say I spouse had an accident or your parents' health just decline and you need to to change things quick.
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[SPEAKER_00]: So giving, giving ourselves that time to just sit and think.
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[SPEAKER_00]: it's it's it's very crucial.
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[SPEAKER_00]: What have you seen you work with so many women?
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[SPEAKER_00]: What have you seen like top mistakes or things that you're like, well, take a breath versus just going to an act out of an emotion or an impulse?
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[SPEAKER_00]: What have you seen out there?
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[SPEAKER_01]: So with women, we have a tendency not
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[SPEAKER_01]: That's the main thing that I've seen to be honest, is that inaction, is that I don't have time for it.
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[SPEAKER_01]: Everything else is more important.
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[SPEAKER_01]: Prioritizing my job, my company, my real estate investments, my family, my children, whatever it is.
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[SPEAKER_01]: So we have a tendency just to push things off.
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[SPEAKER_01]: and to not act.
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[SPEAKER_01]: And what does that mean?
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[SPEAKER_01]: That means to not start investing early.
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[SPEAKER_01]: Down to simple things, not make sure that we have automatic withdrawals from our bank accounts so that we're making money, but some of the disautomatically going into savings, and we know that's automatically going into our investment accounts.
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[SPEAKER_01]: Things like that.
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[SPEAKER_01]: So I think that that's actually the number one thing.
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[SPEAKER_01]: I think women have a tendency and these tons of research out there about how women tend to make.
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[SPEAKER_01]: better investors because we have more of a risk aware and a long-term vision in all these other things that come from a tendency to be more thoughtful, to be more knowledgeable, to want to do more diligent.
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[SPEAKER_01]: And so when we feel like we don't have the time to do it properly, we just don't get going.
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[SPEAKER_01]: So I think that's the biggest challenge I see and because
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[SPEAKER_01]: you're missing out far more, right?
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[SPEAKER_01]: You know, I mean, the other thing is I do think that people, I do think women, and I think women are smart about this.
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[SPEAKER_01]: They tend to be more advisor dependent.
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[SPEAKER_01]: They tend to trust and listen to their financial advisor if they have an advisor.
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[SPEAKER_01]: Because the thing is, I think a lot of people can get themselves into trouble when they're just like seeing something, they're here about an investment or a strategy.
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[SPEAKER_01]: You know, they're amazing.
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[SPEAKER_01]: We have these thin influencers these days who are giving investment advice out to the public right and like it is maybe that's a great recommendation for somebody who has this type A financial situation, but it doesn't mean it's a good one for you right so I really think you should be working one on one.
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[SPEAKER_01]: with a fiduciary, trusted financial advisor who is knowledgeable about your situation, then can make the best recommendations specific to how much money you have, what your goals are, what strategies you're comfortable with.
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[SPEAKER_00]: I want to talk a little bit about assumptions, because many times I, in my situation, right, I use all the mistakes that I've made in the past to shine the light, to women that are coming, right, either if you have your in a healthy relationship or not, really under standing and not assuming.
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[SPEAKER_00]: What do I mean more specifically about that is, for example, when it came down to certain parts of our investments, I was not the main leader.
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[SPEAKER_00]: So I assumed a lot of things, and then after my divorce, I was like, wait a minute, what are you talking about?
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[SPEAKER_00]: I'll give a very specific example, and I was pissed, not at him, not at our financial advisor and myself.
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[SPEAKER_00]: because I'm like, why did an eye take charge?
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[SPEAKER_00]: Not charge, but was aware of it and made the decision of it.
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[SPEAKER_00]: I'm talking about life insurance.
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[SPEAKER_00]: I was paying for one individual only.
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[SPEAKER_00]: Not me.
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[SPEAKER_00]: My household was paying a high price to one individual only.
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[SPEAKER_00]: And I'm like, what is going on here?
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[SPEAKER_00]: And I was just a very small minimum amount, totally unfair, and I was like, how the hell did that happen?
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[SPEAKER_00]: So for the women that are listening,
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[SPEAKER_00]: I encourage you to have those conversations.
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[SPEAKER_00]: And that's the part that I want to ask you, Lacey, how to have those conversations, because many women might feel that if they bring that up to a spouse, they might be thinking, what are you looking to divorce me, what's wrong, or what it is?
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[SPEAKER_00]: What would you recommend that conversation to go?
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[SPEAKER_01]: Yeah, I'm gonna, and this is broad in general advice because we're sure.
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[SPEAKER_01]: I'm like, I have definite recommendations and there's best practices about how to approach it, but I'm like, put it with a grain of salt as I'm divorced.
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[SPEAKER_01]: Exactly.
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[SPEAKER_01]: And a lot of women who are taking, like, not all, not all, but, you know, the breadwinners have a higher tendency to get divorced, right?
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[SPEAKER_01]: And some of these things.
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[SPEAKER_01]: but I think it's about sort of mutual respect, right?
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[SPEAKER_01]: And before you approach any, if you're going to approach a conversation or an negotiation in your business life, right, you're going to be thoughtful and strategic about it.
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[SPEAKER_01]: So I think in our personal lives, particularly in our romantic kind of marriages, we speak, we act, we lead with emotion versus being kind of thoughtful and strategic
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[SPEAKER_01]: So I think with this is this is a big conversation and just like it's emotional for you, it's also emotional for him or they or whoever you are having this conversation with.
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[SPEAKER_01]: So I would say first by start taking a step back and looking at it from their perspective.
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[SPEAKER_01]: Okay, what's going to make this a win, you know, like what is it, how, how do I make this about like I, you know, I'm going to come into this conversation.
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[SPEAKER_01]: It was as practice is not saying like you make me feel this way, but instead I need these things because I think that that will enable me like I'd say I think that I could be more helpful if I were more knowledgeable and you know what I want.
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[SPEAKER_01]: is what's best for us is, you know, some of those, some of those things, some of those language, I think some of some of the things that you would do if you're thinking like how do I be smart and strategic in, you know, a business conversation, negotiation and interview, like bring some of that to this conversation, right?
20:44.979 --> 20:49.106
[SPEAKER_01]: So that it's not just like emotional and it's not coming from a place a lot of times.
20:49.126 --> 20:49.847
[SPEAKER_01]: It's like,
20:49.945 --> 21:10.738
[SPEAKER_01]: You know, we're coming from like, I feel like you leave me out or like why haven't you done this, like the blame, the act that you're coming in with blame, you're coming up with Accusation, you're making somebody feel like or like they're just going to be, you know, and I think realistically, and for talking about, you know, obviously If we're talking about men and like a heterosexual female man, like a lot of men these days are feeling
21:10.820 --> 21:18.191
[SPEAKER_01]: really insecure and unsuccessful, and that they're being, you know, emasculated, right?
21:18.391 --> 21:20.274
[SPEAKER_01]: And so, and that's a real thing.
21:20.334 --> 21:21.737
[SPEAKER_01]: That's a very real thing.
21:21.797 --> 21:32.092
[SPEAKER_01]: And I think if you don't want the outcome just to be a negative one, you know, if you see the potential for that situation, then I think you just have to take that into account, right?
21:32.513 --> 21:33.975
[SPEAKER_01]: And think about,
21:33.955 --> 21:42.455
[SPEAKER_01]: what, you know, how best you can approach in a way that can be a win-win versus just like, I want this, you know, you don't give me this, I want this.
21:43.157 --> 21:47.808
[SPEAKER_01]: How do we turn it not into like a zero sum negotiation, but a win-win negotiation?
21:48.089 --> 21:48.590
[SPEAKER_00]: Absolutely.
21:48.630 --> 21:49.973
[SPEAKER_00]: And I think that
21:49.953 --> 21:55.565
[SPEAKER_00]: You know, with the work that we are doing, it's normalizing those conversations.
21:55.825 --> 21:56.387
[SPEAKER_01]: 100%.
21:56.747 --> 21:57.028
[SPEAKER_00]: Right?
21:57.068 --> 21:58.651
[SPEAKER_00]: That's the ultimate goal.
21:58.751 --> 22:01.317
[SPEAKER_00]: How can we normalize that?
22:01.337 --> 22:04.463
[SPEAKER_00]: And that becomes, not like, oh, let's talk about our finances.
22:04.524 --> 22:06.628
[SPEAKER_00]: No, we have our strategically.
22:07.098 --> 22:25.174
[SPEAKER_00]: monthly or quarter whatever that works for you and for your family, but really normalizing those conversations because if you have children they are watching it as well and they're going to model that versus all this is a taboo we don't talk about money when we're on the table or whatever that that might be.
22:25.154 --> 22:47.449
[SPEAKER_00]: I think that's the ultimate goal for all the women that are listening to, normalize it, because that's how I think it should be regardless of how you are in a healthy marriage or not, or whatever your situation is with your caregivers, depending on their... Then it's another layer, right?
22:47.429 --> 22:49.174
[SPEAKER_00]: you are caregiver for your parents.
22:49.294 --> 23:01.406
[SPEAKER_00]: Now you're going to get into your parents' businesses and find the answers and exist in our non-existent, all the above and having conversations with siblings about that, all God.
23:01.787 --> 23:02.569
[SPEAKER_00]: Like,
23:02.701 --> 23:05.885
[SPEAKER_00]: my grandmother had Alzheimer for ten years.
23:06.606 --> 23:10.090
[SPEAKER_00]: So it's a toll in an entire family.
23:10.250 --> 23:17.098
[SPEAKER_00]: And we need to talk about what is and what it's not and what's going to be as well and in that my change.
23:17.438 --> 23:17.639
[SPEAKER_00]: Right?
23:17.679 --> 23:25.688
[SPEAKER_00]: So I think that really in the head when you were talking about your financial
23:25.668 --> 23:33.676
[SPEAKER_00]: as a unique situation versus well, we have vanilla and chocolate to sell, which won't you want.
23:34.316 --> 23:35.658
[SPEAKER_00]: Simple, simple as that.
23:35.958 --> 23:46.288
[SPEAKER_00]: It's a transition, I feel, and I think women are stepping to the arena more to take control of their financial future, and I love it.
23:46.768 --> 23:47.910
[SPEAKER_01]: No, they totally are.
23:48.070 --> 23:49.631
[SPEAKER_01]: I mean, it is real.
23:49.771 --> 23:55.557
[SPEAKER_01]: I think we're, and these conversations need to
23:55.537 --> 24:03.135
[SPEAKER_01]: I, you know, I recently was triggered by seeing something that popped up like I'm mad that was like, don't talk to your children about money and I'm like, what?
24:03.756 --> 24:06.763
[SPEAKER_01]: It's all like, I have healthy conversations with your children about money.
24:06.863 --> 24:07.866
[SPEAKER_01]: Like, you know, don't share.
24:08.206 --> 24:12.837
[SPEAKER_01]: It was like, don't share financial stress and like it's actually okay in a very healthy way to talk about like,
24:13.255 --> 24:18.606
[SPEAKER_01]: Talk about, you know, oh, you know, I'm working really hard, you know, we want to do this.
24:18.647 --> 24:29.610
[SPEAKER_01]: We can't afford it or we're not going to do this because of these, like it's really healthy to share, right, and to normalize it and just like, you know, and obviously if you're someone who's not married yet, you're getting married.
24:29.590 --> 24:42.834
[SPEAKER_01]: I mean, I think a prenapp is the best way to have a super healthy conversation around your finances and find out like, it's about like, how do we make sure that we're like true partners on this financial journey together?
24:42.934 --> 24:51.750
[SPEAKER_01]: Because that can be one of the most powerful ingredients for a successful merit, a successful partnership, a successful relationship.
24:51.730 --> 25:04.470
[SPEAKER_01]: you know, whereas if you don't have those conversations until you're like stressed, it's late at night, you're pissed off about about the dishwasher or like whatever else happened, and then it just is, it starts as a fight.
25:04.490 --> 25:11.281
[SPEAKER_01]: And by the way, you should feel it is your right to be knowledgeable, to be in control.
25:11.301 --> 25:16.489
[SPEAKER_01]: And that's one of the reasons why I say, and I advocate so strongly for women,
25:17.397 --> 25:32.668
[SPEAKER_01]: abdicating control on assuming because Andreas, I was with you, like I just trusted, you know, I was raised traditional Cuban men, you know, saying there's some things and like, you know, I'm not supposed to be responsible for that.
25:32.768 --> 25:34.832
[SPEAKER_01]: Like, you know, but now it's like, guess what?
25:34.812 --> 25:48.253
[SPEAKER_01]: you need to be responsible for knowing, for understanding, for having that ability, that financial, enough financial kind of control that you can advocate for yourself, right?
25:48.333 --> 25:51.859
[SPEAKER_01]: You can do what's best for you, you can do what's best for your children,
25:51.957 --> 26:07.063
[SPEAKER_01]: You know, and I think that that's of it's a very it's changed rapidly and especially even in the last two decades it's changed so rapidly and yes we are seeing I mean Gen Z women 77% of Gen Z women are already investing I mean amazing
26:07.043 --> 26:30.655
[SPEAKER_00]: it is amazing really is we are we're watching the the women that are coming to our platform and is changing to a younger generation to majority of of our the women the come to you faster are between 35 and 44 45 the second it's 25 years old I love it so much
26:30.635 --> 26:34.720
[SPEAKER_00]: And I think that the the old man go here people say, oh, we're breaking cycles.
26:35.081 --> 26:43.532
[SPEAKER_00]: I believe we are initiating a new cycle when we make financial conversations normal normal practice.
26:43.552 --> 26:50.641
[SPEAKER_00]: And it's if we continue to surround ours ourselves with all their women that are just making a normal you will become normal.
26:50.841 --> 26:51.462
[SPEAKER_00]: And then.
26:51.442 --> 27:02.298
[SPEAKER_00]: That's the world that I really want to see in the future that we have normal conversations about our finances and different types of investments on a coffee shop.
27:02.719 --> 27:18.242
[SPEAKER_00]: I want to hear women talking about different flavors of ice cream in terms of investing, that they are curious about, that they are investing, getting returned and like really, really feeling good about playing there.
27:18.222 --> 27:21.046
[SPEAKER_00]: I have so many more questions, Lacey, for you.
27:21.086 --> 27:22.248
[SPEAKER_00]: It can't continue here.
27:22.769 --> 27:26.414
[SPEAKER_00]: And I'm sure the women that are listening are eager to know more about you.
27:26.434 --> 27:30.079
[SPEAKER_00]: So where they can find more information about you and your company?
27:30.400 --> 27:33.164
[SPEAKER_01]: Yes, come to TrustWillo.com.
27:33.885 --> 27:41.916
[SPEAKER_01]: And what we do is we help women, especially with the focus to on millennial and gen Z women.
27:42.457 --> 27:46.002
[SPEAKER_01]: So the group that you're talking about and working with, they invest her.
27:45.982 --> 28:15.465
[SPEAKER_01]: community to take the step in becoming financially knowledgeable, empowered, through connecting you, it's a free service, by the way, free service, but we will help you to get matched with a financial advisor who has been through our advisor for women's certificate program, where we have trained them, we have coached them, we have meted them, we have made sure that they're leading with empathy, they're going to educate you in a way that empowers
28:15.445 --> 28:30.687
[SPEAKER_01]: they're passionate about working with you and serving you and so that is you know it's easy to find trustful.com if you haven't taken that step or you're we are working with an advisor you don't feel like has your best interests
28:30.667 --> 28:37.675
[SPEAKER_01]: at her, it doesn't get you, doesn't understand you, you know, there's no harm in having a conversation, right?
28:38.095 --> 28:39.857
[SPEAKER_01]: You know, these conversations are free.
28:41.118 --> 28:48.006
[SPEAKER_01]: But it's a chance for you to take that first step and get in control of your financial journey.
28:48.366 --> 28:49.007
[SPEAKER_00]: That's awesome.
28:49.267 --> 28:53.752
[SPEAKER_00]: All this information you guys can find on our show notes, Lacey.
28:54.092 --> 28:58.277
[SPEAKER_00]: Thank you again for being hearing, sharing all your knowledge
28:59.168 --> 29:02.800
[SPEAKER_01]: Thank you so much, Andre, so it's real pleasure to be here with you.
00:00.031 --> 00:02.295
[SPEAKER_00]: In today's episode we have Lacy Garcia.
00:02.416 --> 00:06.504
[SPEAKER_00]: She is the CEO and founder of Willow Trust.
00:06.524 --> 00:08.508
[SPEAKER_00]: She's also a former wealth manager.
00:08.688 --> 00:17.906
[SPEAKER_00]: And in today's episode we're going to break down women's financial wellness during transition times and a clear framework that you can follow.
00:18.427 --> 00:19.710
[SPEAKER_00]: Let's get to work.
00:19.758 --> 00:31.493
[SPEAKER_00]: major life transitions such as becoming a caregiver of your parents going through a divorce or a career change, it affects drastically our financial decisions.
00:32.093 --> 00:40.804
[SPEAKER_00]: However, those aren't rarely taking into consideration in the good and good financial, traditional financial planning world.
00:41.155 --> 00:46.200
[SPEAKER_00]: Lacey, why is that wonderful to be with you here today under us?
00:46.240 --> 00:50.204
[SPEAKER_01]: I thank you so much to you and to Liz and to the invest her community.
00:50.264 --> 00:57.411
[SPEAKER_01]: Such a big admirer of what you're building and the women that are here as part of this community and listening to that.
00:58.372 --> 01:00.214
[SPEAKER_01]: So let's start with the simple fact.
01:00.775 --> 01:11.145
[SPEAKER_01]: The financial services industry was not built for the women that are leading the way and paving the paths of the future, effectively the new face of wealth, right?
01:11.125 --> 01:29.628
[SPEAKER_01]: and all these models, these tools, these plans were built around one man kind of going to work and working consistently throughout his life and not going through any of these transitions such as needing to take time away from the workforce for caregiving, for having children.
01:30.249 --> 01:39.580
[SPEAKER_01]: Let's talk about obviously the rise of divorce rate and all these
01:39.560 --> 01:42.304
[SPEAKER_01]: and the financial plan that you need around it.
01:42.784 --> 01:51.376
[SPEAKER_01]: And so one of the things we like to say at Willow is it's not just about that you need an advisor to help you to grow your wealth, but you need an advisor to help you transition.
01:51.877 --> 01:59.728
[SPEAKER_01]: These tricky, challenging, emotional, joyful moments and transitions and different life stages.
01:59.708 --> 02:10.105
[SPEAKER_01]: so that you are able to not only grow that wealth but make it work for you so that you can get through that stage and then get to the next the next stage in life.
02:10.125 --> 02:10.685
[SPEAKER_00]: Absolutely.
02:11.026 --> 02:19.860
[SPEAKER_00]: I, as someone who has gone through a divorce, it's very lonely and it's a new path.
02:19.942 --> 02:22.847
[SPEAKER_00]: You don't know what you don't know, right?
02:22.867 --> 02:25.832
[SPEAKER_00]: And Taylor is just liking front in front of you.
02:25.852 --> 02:31.942
[SPEAKER_00]: And you feel the effect on my emotion looking back right now, right?
02:32.363 --> 02:38.453
[SPEAKER_00]: The effect on my emotion state was super high.
02:39.195 --> 02:45.966
[SPEAKER_00]: And I don't believe later on, yes, but I don't believe I received
02:46.537 --> 02:53.987
[SPEAKER_00]: the proper care from myself and from the advisors that I have around me taking consideration that piece.
02:55.590 --> 02:56.391
[SPEAKER_00]: That being said, right?
02:56.431 --> 02:58.273
[SPEAKER_00]: I'm not the ideal client.
02:58.293 --> 03:01.458
[SPEAKER_00]: I'm not the, I was not the face of wealth for them.
03:01.959 --> 03:09.689
[SPEAKER_00]: So how do you connect the emotional health piece with, with health itself?
03:10.811 --> 03:15.818
[SPEAKER_01]: I hear you and I feel you on that as somebody also went through a very challenging divorce.
03:16.186 --> 03:26.767
[SPEAKER_01]: Which was incredibly difficult emotionally and quite frankly I'm like almost eight years out and it still can be right It's still I if you're co-parenting doesn't mean that all some people.
03:26.867 --> 03:34.262
[SPEAKER_01]: It's like, oh, it's so much better Sometimes you struggle Yeah, I know if it's still feels lonely, right?
03:34.242 --> 03:37.448
[SPEAKER_00]: So, I don't know about that, right?
03:37.468 --> 03:44.320
[SPEAKER_00]: Of course, certain areas are great, but it's still, let's be honest, just tells us of women they're listening.
03:44.621 --> 03:53.577
[SPEAKER_00]: Give me a high five here because let's let's be honest, only people that have gone through know knows what we're talking about here, and it takes years.
03:53.657 --> 03:55.440
[SPEAKER_00]: So thank you, Lacey, for
03:55.420 --> 04:00.586
[SPEAKER_00]: Really humanizing that process for all of us well trust me.
04:00.646 --> 04:02.849
[SPEAKER_01]: I'm still in I mean I'm going back to court again this week.
04:02.929 --> 04:22.373
[SPEAKER_01]: I mean I got to tell you all of the layers of layers of And I'm sorry to say but just I hats off to anyone who's really on the other side of it But so many of us are not right and if you are and you're making it work and you're awesome Then driving and so many things are better off, but it's still it still can be not only emotionally challenging But financially challenging, right?
04:23.433 --> 04:44.378
[SPEAKER_01]: You're not alone and I mean, it's one thing I know this doesn't directly answer your question, but just, you know, there's a new stat that's really kind of a wake up call for me is that, you know, because one of the things I felt so alone because I got divorced relatively early with a child, which and everybody was like still getting married, you know, and I'm like, you're I am way to second on this path.
04:44.358 --> 05:06.096
[SPEAKER_01]: Like I feel like I got off the track like here's the life and then all of a sudden it's like oh I'm on this parallel this other track Which I'm not sure it's parallel I'm not sure it's going backwards or it's where it's going right so with this though There's this staggering statistic that by 2030 I think 25% of all women age 22 to like 44 45
05:06.397 --> 05:23.501
[SPEAKER_01]: are going to be single, remain single by choice, or to be divorced, and we think of all these other things, 45% of women are at least the co-bread writer and if not, we're close to 30% of the primary breadwinner, so it's like the world is changing, right?
05:23.862 --> 05:29.409
[SPEAKER_01]: In this other track is often becoming sort of maybe the main track kind of moving forward, right?
05:29.870 --> 05:34.817
[SPEAKER_01]: But I do think one of the things with how we, I think you asked me initially, sort of,
05:34.797 --> 05:37.202
[SPEAKER_01]: How do we help women?
05:37.283 --> 05:38.225
[SPEAKER_01]: How do we approach that?
05:38.265 --> 05:47.305
[SPEAKER_01]: So first things first, it's about, you know, financial wellness does not come without, you know, self-awareness, self-care,
05:47.656 --> 05:52.646
[SPEAKER_01]: in grace, right, giving yourself grace and like raising your hand and asking for help.
05:53.407 --> 06:03.887
[SPEAKER_01]: But it's so critical that the people that you ask for help don't make you feel worse, which is was my experience and why I started Trust Willow.com because they made me feel worse, right?
06:03.907 --> 06:10.440
[SPEAKER_01]: They didn't, and it what we say and what we believe is that the person that you call on for your financial advice should
06:10.420 --> 06:15.626
[SPEAKER_01]: lead with empathy, they should be educating you, and they should be empowering you, right?
06:15.646 --> 06:29.604
[SPEAKER_01]: So they should be aware of not just the financial ramifications, but the emotional and the life ramifications of a transition like a divorce and all that's embedded in that.
06:30.044 --> 06:32.407
[SPEAKER_01]: Finances are super emotional, right?
06:32.668 --> 06:39.516
[SPEAKER_01]: And if we're not addressing the emotions and supporting, you're not gonna be in a place to be able to actually help somebody.
06:39.766 --> 06:42.594
[SPEAKER_01]: to then kind of get through it and achieve their financial dreams.
06:43.737 --> 06:50.056
[SPEAKER_00]: I've seen so many research showing the new face of wealth, right?
06:50.938 --> 06:54.990
[SPEAKER_00]: And the transfer of wealth that is happening until 2030.
06:55.409 --> 07:10.953
[SPEAKER_00]: is going beyond beyond right beyond for different reasons women are out living men that's one thing and usually the mean point of contact is the spouse, the men in the relationships.
07:10.993 --> 07:22.851
[SPEAKER_00]: So when they passed women are so confused and I recently saw a another research I forgot the the percentage but it's a very high percentage that women
07:22.831 --> 07:29.397
[SPEAKER_00]: don't keep that same financial advisor because she doesn't have any relationship with the person.
07:29.437 --> 07:34.562
[SPEAKER_00]: They don't know each other and she's like, oh, mine as well goes somewhere else.
07:35.002 --> 07:42.549
[SPEAKER_00]: So for the women that are listening and they are not going through a transitional situation at this moment.
07:42.609 --> 07:52.838
[SPEAKER_00]: Because I don't want a one thing that I want to make sure is that you don't have to be in the
07:52.818 --> 07:54.261
[SPEAKER_00]: take action.
07:55.183 --> 07:57.107
[SPEAKER_00]: I'm all about offense, right?
07:57.147 --> 08:04.582
[SPEAKER_00]: You're looking ahead because when something happened, something happened and you're not prepared to it.
08:05.002 --> 08:12.818
[SPEAKER_00]: So do you think that there's this myth about financial planning that is only if I have
08:12.798 --> 08:26.641
[SPEAKER_00]: piles and piles sitting down and this is more like a retirement type of deal, like I want to want to debunk all of that and make financial planning a common language about women.
08:27.122 --> 08:36.257
[SPEAKER_00]: So what would be the first step for somebody that is looking to it, but it might be in a
08:36.507 --> 08:41.493
[SPEAKER_00]: situation that they actually not sure if they are a good fit to have a financial planner.
08:42.034 --> 08:47.060
[SPEAKER_01]: That mindset that you just described is the majority, actually, of women.
08:48.081 --> 08:56.752
[SPEAKER_01]: We see there's about $16 trillion of wealth that's controlled by women that's in motion that's unmanaged, meaning that nobody's advising on it right now or nobody's helping them at best.
08:57.853 --> 09:00.156
[SPEAKER_01]: So, so you're not alone if you're feeling that way.
09:00.657 --> 09:04.962
[SPEAKER_01]: I like to think that
09:05.110 --> 09:23.726
[SPEAKER_01]: as single when it comes to their finances, by the way, that is not coming from a place of somebody who's anti-marriage of very pro-marriage pro-partnership, and I am the product of my parents were married until my mom's death over, you know, we're together for 58 years, right?
09:23.746 --> 09:26.612
[SPEAKER_01]: I'm like, I'm a big proponent in partnership.
09:26.592 --> 09:54.760
[SPEAKER_01]: But I'm also myself divorced in single and I know the reality and so when it comes down to it though, regardless of whether or not you're happily coupled or you're fighting it alone, you know, you really need to be in control and that starts with like self awareness and knowledge and in all honesty, there are so many there's such a wide range of financial advisors out there who work with such a wide range.
09:55.162 --> 10:01.613
[SPEAKER_01]: of folks that there's programs out if you're in serious debt and you need times to help their people can help you with that, right?
10:02.114 --> 10:04.918
[SPEAKER_01]: And if you only have a little bit of money, there are people that can help you with that.
10:05.379 --> 10:13.693
[SPEAKER_01]: And if you have obviously millions of dollars or trillions of dollars, you know, they're sophisticated people who can certainly help you build billions, probably or trillions of an institution, right?
10:15.462 --> 10:16.223
[SPEAKER_01]: that said.
10:16.664 --> 10:26.041
[SPEAKER_01]: So I think that that's one of the first things first is like sit here, maybe just take a minute and ask yourself, okay, do I feel like I have an understanding of my situation?
10:26.081 --> 10:30.770
[SPEAKER_01]: If not, do I feel like I have a trusted advisor?
10:31.131 --> 10:33.916
[SPEAKER_01]: If it's my husband's advisor, do I feel comfortable?
10:33.956 --> 10:36.400
[SPEAKER_01]: Do I feel like I can get a seat at the table with him?
10:36.841 --> 10:39.546
[SPEAKER_01]: If not, and if not, like
10:39.526 --> 10:40.748
[SPEAKER_01]: You know, I do something about that.
10:41.208 --> 10:46.655
[SPEAKER_01]: If you're, and maybe you have an advisor during the year single, but you don't feel like you have, you can't trust that person.
10:46.675 --> 10:49.679
[SPEAKER_01]: You don't feel like they're a real partner that feels comfortable.
10:49.719 --> 10:57.690
[SPEAKER_01]: You can let down your guard because guess what all the concerns, all the fears, all the insecurities, all the stupid questions, you need to be going to that person with those.
10:58.010 --> 11:00.313
[SPEAKER_01]: That's where you need that, right?
11:01.735 --> 11:02.215
[SPEAKER_00]: I love that.
11:02.416 --> 11:07.322
[SPEAKER_00]: What I wish I had was
11:07.623 --> 11:10.426
[SPEAKER_00]: transition, plan, framework.
11:10.947 --> 11:16.293
[SPEAKER_00]: Yes, step by step on what you need to do in order for you to be aware first of all.
11:16.633 --> 11:19.216
[SPEAKER_00]: So let's, let's, let's, let's, let's out at Willow by the way.
11:20.238 --> 11:20.718
[SPEAKER_00]: I know.
11:21.599 --> 11:24.883
[SPEAKER_00]: Because I, I think God, that that's what we warned.
11:25.223 --> 11:27.146
[SPEAKER_00]: Please let us know what we, what we have.
11:27.166 --> 11:28.687
[SPEAKER_00]: So let's talk about that.
11:29.368 --> 11:30.930
[SPEAKER_00]: How does that look like?
11:30.910 --> 11:35.274
[SPEAKER_00]: How do we look at this framework where do we even get started?
11:35.314 --> 11:45.625
[SPEAKER_01]: First is awareness, like number one, have a conversation with yourself, sit down, take some notes, think about it, like, do I know how much my life costs money coming in, money going out?
11:45.965 --> 11:48.648
[SPEAKER_01]: If you don't, wrap your head around it, right?
11:49.309 --> 11:51.411
[SPEAKER_01]: And then next is a spire.
11:51.491 --> 11:52.752
[SPEAKER_01]: So it's a where a spire.
11:53.573 --> 11:55.355
[SPEAKER_01]: Okay, what is it that you want to achieve?
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[SPEAKER_01]: What are your financial goals?
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[SPEAKER_01]: What is it?
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[SPEAKER_01]: third is act.
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[SPEAKER_01]: Okay, so how do we act?
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[SPEAKER_01]: I feel like a complete disaster.
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[SPEAKER_01]: I need help.
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[SPEAKER_01]: You need to then get in touch with and start having conversations, start interviewing, start finding the right trusted advisor to help you.
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[SPEAKER_01]: Fourth is a doubt, but you get that plan going because the only thing we can count on is that we cannot, that the curve balls will come, you know, you might be, I'm crushing it, I've just, you know, sold my company for x millions of dollars, I'm like on top of the world, and then whoa, something horrible happens, that just knocks you on yourself, right?
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[SPEAKER_01]: And maybe it's
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[SPEAKER_01]: And maybe it's just a life event, but but really gets in the way of your finances, maybe it's a financial event, whatever it is, but it's it's going to come.
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[SPEAKER_01]: So you need to make sure that you've got that to simple as that cash question that emergency fund that like plan for like, okay.
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[SPEAKER_01]: If things go wrong or something changes, I'm going to be able to adapt.
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[SPEAKER_01]: And then the fifth one is appreciate where you really just need to give yourself a moment because whether or not you're totally crushing it, like you go girl, you deserve so many high fives and share your stories and inspire your friends and help us to get to where you are.
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[SPEAKER_01]: But if it's only baby steps and you manage to put away a little bit of money and you're in the midst of all this stuff, you know, take a moment to give yourself a pat on the back.
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[SPEAKER_01]: So we call it the 5A model, but it's really awareness, aspire, act, adapt, and appreciate.
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[SPEAKER_01]: And it sounds simple, and there's no finances or numbers involved in that, but trust me, it's a basis for how you can get control of your financial situation.
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[SPEAKER_01]: And get that, get to that path, the financial wellness financial freedom financial strength.
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[SPEAKER_00]: Absolutely, because sometimes it's a shock, right?
13:56.839 --> 14:07.273
[SPEAKER_00]: Let's say I spouse had an accident or your parents' health just decline and you need to to change things quick.
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[SPEAKER_00]: So giving, giving ourselves that time to just sit and think.
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[SPEAKER_00]: it's it's it's very crucial.
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[SPEAKER_00]: What have you seen you work with so many women?
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[SPEAKER_00]: What have you seen like top mistakes or things that you're like, well, take a breath versus just going to an act out of an emotion or an impulse?
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[SPEAKER_00]: What have you seen out there?
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[SPEAKER_01]: So with women, we have a tendency not
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[SPEAKER_01]: That's the main thing that I've seen to be honest, is that inaction, is that I don't have time for it.
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[SPEAKER_01]: Everything else is more important.
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[SPEAKER_01]: Prioritizing my job, my company, my real estate investments, my family, my children, whatever it is.
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[SPEAKER_01]: So we have a tendency just to push things off.
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[SPEAKER_01]: and to not act.
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[SPEAKER_01]: And what does that mean?
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[SPEAKER_01]: That means to not start investing early.
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[SPEAKER_01]: Down to simple things, not make sure that we have automatic withdrawals from our bank accounts so that we're making money, but some of the disautomatically going into savings, and we know that's automatically going into our investment accounts.
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[SPEAKER_01]: Things like that.
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[SPEAKER_01]: So I think that that's actually the number one thing.
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[SPEAKER_01]: I think women have a tendency and these tons of research out there about how women tend to make.
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[SPEAKER_01]: better investors because we have more of a risk aware and a long-term vision in all these other things that come from a tendency to be more thoughtful, to be more knowledgeable, to want to do more diligent.
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[SPEAKER_01]: And so when we feel like we don't have the time to do it properly, we just don't get going.
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[SPEAKER_01]: So I think that's the biggest challenge I see and because
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[SPEAKER_01]: you're missing out far more, right?
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[SPEAKER_01]: You know, I mean, the other thing is I do think that people, I do think women, and I think women are smart about this.
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[SPEAKER_01]: They tend to be more advisor dependent.
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[SPEAKER_01]: They tend to trust and listen to their financial advisor if they have an advisor.
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[SPEAKER_01]: Because the thing is, I think a lot of people can get themselves into trouble when they're just like seeing something, they're here about an investment or a strategy.
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[SPEAKER_01]: You know, they're amazing.
16:17.347 --> 16:38.038
[SPEAKER_01]: We have these thin influencers these days who are giving investment advice out to the public right and like it is maybe that's a great recommendation for somebody who has this type A financial situation, but it doesn't mean it's a good one for you right so I really think you should be working one on one.
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[SPEAKER_01]: with a fiduciary, trusted financial advisor who is knowledgeable about your situation, then can make the best recommendations specific to how much money you have, what your goals are, what strategies you're comfortable with.
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[SPEAKER_00]: I want to talk a little bit about assumptions, because many times I, in my situation, right, I use all the mistakes that I've made in the past to shine the light, to women that are coming, right, either if you have your in a healthy relationship or not, really under standing and not assuming.
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[SPEAKER_00]: What do I mean more specifically about that is, for example, when it came down to certain parts of our investments, I was not the main leader.
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[SPEAKER_00]: So I assumed a lot of things, and then after my divorce, I was like, wait a minute, what are you talking about?
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[SPEAKER_00]: I'll give a very specific example, and I was pissed, not at him, not at our financial advisor and myself.
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[SPEAKER_00]: because I'm like, why did an eye take charge?
17:50.947 --> 17:56.256
[SPEAKER_00]: Not charge, but was aware of it and made the decision of it.
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[SPEAKER_00]: I'm talking about life insurance.
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[SPEAKER_00]: I was paying for one individual only.
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[SPEAKER_00]: Not me.
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[SPEAKER_00]: My household was paying a high price to one individual only.
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[SPEAKER_00]: And I'm like, what is going on here?
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[SPEAKER_00]: And I was just a very small minimum amount, totally unfair, and I was like, how the hell did that happen?
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[SPEAKER_00]: So for the women that are listening,
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[SPEAKER_00]: I encourage you to have those conversations.
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[SPEAKER_00]: And that's the part that I want to ask you, Lacey, how to have those conversations, because many women might feel that if they bring that up to a spouse, they might be thinking, what are you looking to divorce me, what's wrong, or what it is?
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[SPEAKER_00]: What would you recommend that conversation to go?
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[SPEAKER_01]: Yeah, I'm gonna, and this is broad in general advice because we're sure.
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[SPEAKER_01]: I'm like, I have definite recommendations and there's best practices about how to approach it, but I'm like, put it with a grain of salt as I'm divorced.
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[SPEAKER_01]: Exactly.
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[SPEAKER_01]: And a lot of women who are taking, like, not all, not all, but, you know, the breadwinners have a higher tendency to get divorced, right?
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[SPEAKER_01]: And some of these things.
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[SPEAKER_01]: but I think it's about sort of mutual respect, right?
19:23.890 --> 19:32.940
[SPEAKER_01]: And before you approach any, if you're going to approach a conversation or an negotiation in your business life, right, you're going to be thoughtful and strategic about it.
19:33.420 --> 19:45.013
[SPEAKER_01]: So I think in our personal lives, particularly in our romantic kind of marriages, we speak, we act, we lead with emotion versus being kind of thoughtful and strategic
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[SPEAKER_01]: So I think with this is this is a big conversation and just like it's emotional for you, it's also emotional for him or they or whoever you are having this conversation with.
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[SPEAKER_01]: So I would say first by start taking a step back and looking at it from their perspective.
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[SPEAKER_01]: Okay, what's going to make this a win, you know, like what is it, how, how do I make this about like I, you know, I'm going to come into this conversation.
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[SPEAKER_01]: It was as practice is not saying like you make me feel this way, but instead I need these things because I think that that will enable me like I'd say I think that I could be more helpful if I were more knowledgeable and you know what I want.
20:26.067 --> 20:44.959
[SPEAKER_01]: is what's best for us is, you know, some of those, some of those things, some of those language, I think some of some of the things that you would do if you're thinking like how do I be smart and strategic in, you know, a business conversation, negotiation and interview, like bring some of that to this conversation, right?
20:44.979 --> 20:49.106
[SPEAKER_01]: So that it's not just like emotional and it's not coming from a place a lot of times.
20:49.126 --> 20:49.847
[SPEAKER_01]: It's like,
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[SPEAKER_01]: You know, we're coming from like, I feel like you leave me out or like why haven't you done this, like the blame, the act that you're coming in with blame, you're coming up with Accusation, you're making somebody feel like or like they're just going to be, you know, and I think realistically, and for talking about, you know, obviously If we're talking about men and like a heterosexual female man, like a lot of men these days are feeling
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[SPEAKER_01]: really insecure and unsuccessful, and that they're being, you know, emasculated, right?
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[SPEAKER_01]: And so, and that's a real thing.
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[SPEAKER_01]: That's a very real thing.
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[SPEAKER_01]: And I think if you don't want the outcome just to be a negative one, you know, if you see the potential for that situation, then I think you just have to take that into account, right?
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[SPEAKER_01]: And think about,
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[SPEAKER_01]: what, you know, how best you can approach in a way that can be a win-win versus just like, I want this, you know, you don't give me this, I want this.
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[SPEAKER_01]: How do we turn it not into like a zero sum negotiation, but a win-win negotiation?
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[SPEAKER_00]: Absolutely.
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[SPEAKER_00]: And I think that
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[SPEAKER_00]: You know, with the work that we are doing, it's normalizing those conversations.
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[SPEAKER_01]: 100%.
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[SPEAKER_00]: Right?
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[SPEAKER_00]: That's the ultimate goal.
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[SPEAKER_00]: How can we normalize that?
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[SPEAKER_00]: And that becomes, not like, oh, let's talk about our finances.
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[SPEAKER_00]: No, we have our strategically.
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[SPEAKER_00]: monthly or quarter whatever that works for you and for your family, but really normalizing those conversations because if you have children they are watching it as well and they're going to model that versus all this is a taboo we don't talk about money when we're on the table or whatever that that might be.
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[SPEAKER_00]: I think that's the ultimate goal for all the women that are listening to, normalize it, because that's how I think it should be regardless of how you are in a healthy marriage or not, or whatever your situation is with your caregivers, depending on their... Then it's another layer, right?
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[SPEAKER_00]: you are caregiver for your parents.
22:49.294 --> 23:01.406
[SPEAKER_00]: Now you're going to get into your parents' businesses and find the answers and exist in our non-existent, all the above and having conversations with siblings about that, all God.
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[SPEAKER_00]: Like,
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[SPEAKER_00]: my grandmother had Alzheimer for ten years.
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[SPEAKER_00]: So it's a toll in an entire family.
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[SPEAKER_00]: And we need to talk about what is and what it's not and what's going to be as well and in that my change.
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[SPEAKER_00]: Right?
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[SPEAKER_00]: So I think that really in the head when you were talking about your financial
23:25.668 --> 23:33.676
[SPEAKER_00]: as a unique situation versus well, we have vanilla and chocolate to sell, which won't you want.
23:34.316 --> 23:35.658
[SPEAKER_00]: Simple, simple as that.
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[SPEAKER_00]: It's a transition, I feel, and I think women are stepping to the arena more to take control of their financial future, and I love it.
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[SPEAKER_01]: No, they totally are.
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[SPEAKER_01]: I mean, it is real.
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[SPEAKER_01]: I think we're, and these conversations need to
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[SPEAKER_01]: I, you know, I recently was triggered by seeing something that popped up like I'm mad that was like, don't talk to your children about money and I'm like, what?
24:03.756 --> 24:06.763
[SPEAKER_01]: It's all like, I have healthy conversations with your children about money.
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[SPEAKER_01]: Like, you know, don't share.
24:08.206 --> 24:12.837
[SPEAKER_01]: It was like, don't share financial stress and like it's actually okay in a very healthy way to talk about like,
24:13.255 --> 24:18.606
[SPEAKER_01]: Talk about, you know, oh, you know, I'm working really hard, you know, we want to do this.
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[SPEAKER_01]: We can't afford it or we're not going to do this because of these, like it's really healthy to share, right, and to normalize it and just like, you know, and obviously if you're someone who's not married yet, you're getting married.
24:29.590 --> 24:42.834
[SPEAKER_01]: I mean, I think a prenapp is the best way to have a super healthy conversation around your finances and find out like, it's about like, how do we make sure that we're like true partners on this financial journey together?
24:42.934 --> 24:51.750
[SPEAKER_01]: Because that can be one of the most powerful ingredients for a successful merit, a successful partnership, a successful relationship.
24:51.730 --> 25:04.470
[SPEAKER_01]: you know, whereas if you don't have those conversations until you're like stressed, it's late at night, you're pissed off about about the dishwasher or like whatever else happened, and then it just is, it starts as a fight.
25:04.490 --> 25:11.281
[SPEAKER_01]: And by the way, you should feel it is your right to be knowledgeable, to be in control.
25:11.301 --> 25:16.489
[SPEAKER_01]: And that's one of the reasons why I say, and I advocate so strongly for women,
25:17.397 --> 25:32.668
[SPEAKER_01]: abdicating control on assuming because Andreas, I was with you, like I just trusted, you know, I was raised traditional Cuban men, you know, saying there's some things and like, you know, I'm not supposed to be responsible for that.
25:32.768 --> 25:34.832
[SPEAKER_01]: Like, you know, but now it's like, guess what?
25:34.812 --> 25:48.253
[SPEAKER_01]: you need to be responsible for knowing, for understanding, for having that ability, that financial, enough financial kind of control that you can advocate for yourself, right?
25:48.333 --> 25:51.859
[SPEAKER_01]: You can do what's best for you, you can do what's best for your children,
25:51.957 --> 26:07.063
[SPEAKER_01]: You know, and I think that that's of it's a very it's changed rapidly and especially even in the last two decades it's changed so rapidly and yes we are seeing I mean Gen Z women 77% of Gen Z women are already investing I mean amazing
26:07.043 --> 26:30.655
[SPEAKER_00]: it is amazing really is we are we're watching the the women that are coming to our platform and is changing to a younger generation to majority of of our the women the come to you faster are between 35 and 44 45 the second it's 25 years old I love it so much
26:30.635 --> 26:34.720
[SPEAKER_00]: And I think that the the old man go here people say, oh, we're breaking cycles.
26:35.081 --> 26:43.532
[SPEAKER_00]: I believe we are initiating a new cycle when we make financial conversations normal normal practice.
26:43.552 --> 26:50.641
[SPEAKER_00]: And it's if we continue to surround ours ourselves with all their women that are just making a normal you will become normal.
26:50.841 --> 26:51.462
[SPEAKER_00]: And then.
26:51.442 --> 27:02.298
[SPEAKER_00]: That's the world that I really want to see in the future that we have normal conversations about our finances and different types of investments on a coffee shop.
27:02.719 --> 27:18.242
[SPEAKER_00]: I want to hear women talking about different flavors of ice cream in terms of investing, that they are curious about, that they are investing, getting returned and like really, really feeling good about playing there.
27:18.222 --> 27:21.046
[SPEAKER_00]: I have so many more questions, Lacey, for you.
27:21.086 --> 27:22.248
[SPEAKER_00]: It can't continue here.
27:22.769 --> 27:26.414
[SPEAKER_00]: And I'm sure the women that are listening are eager to know more about you.
27:26.434 --> 27:30.079
[SPEAKER_00]: So where they can find more information about you and your company?
27:30.400 --> 27:33.164
[SPEAKER_01]: Yes, come to TrustWillo.com.
27:33.885 --> 27:41.916
[SPEAKER_01]: And what we do is we help women, especially with the focus to on millennial and gen Z women.
27:42.457 --> 27:46.002
[SPEAKER_01]: So the group that you're talking about and working with, they invest her.
27:45.982 --> 28:15.465
[SPEAKER_01]: community to take the step in becoming financially knowledgeable, empowered, through connecting you, it's a free service, by the way, free service, but we will help you to get matched with a financial advisor who has been through our advisor for women's certificate program, where we have trained them, we have coached them, we have meted them, we have made sure that they're leading with empathy, they're going to educate you in a way that empowers
28:15.445 --> 28:30.687
[SPEAKER_01]: they're passionate about working with you and serving you and so that is you know it's easy to find trustful.com if you haven't taken that step or you're we are working with an advisor you don't feel like has your best interests
28:30.667 --> 28:37.675
[SPEAKER_01]: at her, it doesn't get you, doesn't understand you, you know, there's no harm in having a conversation, right?
28:38.095 --> 28:39.857
[SPEAKER_01]: You know, these conversations are free.
28:41.118 --> 28:48.006
[SPEAKER_01]: But it's a chance for you to take that first step and get in control of your financial journey.
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[SPEAKER_00]: That's awesome.
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[SPEAKER_00]: All this information you guys can find on our show notes, Lacey.
28:54.092 --> 28:58.277
[SPEAKER_00]: Thank you again for being hearing, sharing all your knowledge
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[SPEAKER_01]: Thank you so much, Andre, so it's real pleasure to be here with you.
