BONUS EPISODE: FINANCIAL ADVICE FOR WOMEN OVER 40 | Hot Flashes & Cool Topics Podcast

Bonus Episode: Financial Advice for Women Over 40 with expert Patty Gale

Episode Summary:

In midlife, women often are subject to drastic changes within themselves but also in the environment and people that surround them. Major life events can happen and do happen all the time. It can have you questioning your money and lead you wondering where to you can learn some financial tips. Today’s guest, Patty Gale, is a financial therapist and life planner as well as the founder and CEO of Fear.less Girl Financial.

In this episode, we dive into some of the common finance struggles women in midlife may face. We also discuss the importance of knowing where your focus is and how you can start understanding your finances more.

PATTY GALE

Our guest today is Patty Gale, a financial therapist and life planner who has a passion for empowering midlife women allowing them to navigate their personal finances through life altering events. Patty Gale is also the founder and CEO of Fear.less Girl Financial where she offers unbiased financial planning.

Patty has over twenty years in investment management and financial planning helping her navigate each individual financial situation. Her approach differs from other financial planners as she offers a more holistic approach to the financial world. Patty’s mission is to empower women in midlife who may be fearful and unsure of how to start dealing with their finances. She strives to help women become fearless while fearing less!

Where Can You Start?

Get back to the basics!
- What’s your income or where do you need your income to be?
- Start looking at your money expenditures by creating a spending plan.
Rethinking Retirement
- The traditional retirement age at 65 has been around for over 140 years when the life expectancy was low. Now, we are living longer and healthier lives.
- We also are living with a younger mindset than many of the past generations.
- It comes down to what do you want your retirement to look like.
- What do you see your life as for the next 25-30 years?
- Focusing on the things that you want to achieve and where you want to be can help you start deciding what your game plan for the rest of your life will be.
Increasing Your Income
- It’s important to look at not only your spending and savings but also at the income you are making.
- How can you increase your income? One way that Patty Gale suggests is to upskill your skillset no matter your age!
- There are low cost and sometimes even free online schooling to take depending on your own personal ambitions.
Look at Some of the Common Financial Mistakes
- Patty Gale shares the biggest mistake she sees is not knowing your risk tolerance.
- She highly suggests that you do not just blindly trust a financial advisor. By taking ownership of your finances and doing some research on what you want your money to look like you are defining what you want your finances to reflect.
Consider a Fee-Based Financial Planner or Therapist
- While it’s not a bad thing for financial advisors to sell investment products or insurance for a commission, you are not receiving unbiased investment advice.
- A fee-based financial planner or therapist will only charge you a fee for their investment advice and can be the most unbiased when it comes to your financial plan.
- Don’t be afraid to hit up the library and read up on some of the educational material on finances they have to offer. There is nothing wrong with learning the fundamentals before even thinking of talking to any investment professional.