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| When Health Meets Wealth: Financial Planning with Dr. Carolyn McClanahan |
What do you get when a doctor becomes a financial planner? Someone who knows your health and wealth go hand in hand.
On this week’s HerMoney Podcast, Jean Chatzky sits down with Dr. Carolyn McClanahan, MD, CFP®, and founder of Life Planning Partners, to explore how women can make smarter decisions today to secure both their financial and physical futures.
One of the biggest topics at the crossroads of health and money is long-term care and how to plan – and pay – for it. McClanahan says as you think ahead, the most critical question to ask yourself is: Where do you want to live as you age? “For example, if you're going to age in place, is your home aging-friendly?” she says. “Documenting those conversations, so your caretakers, your children, know what the right thing to do is, when to get help with healthcare decisions, and helping think through your end-of-life choices.”
Healthcare (and long-term care) is just one part of what McClanahan calls the “Big 4 Aging Plan.” Want to know what the rest are and how you can get ahead with planning for them? Tune in now. |
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| Things That Make You Money |
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| This Week In Your Wallet |
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There’s a new kind of gender gap in town – the “work from home gender gap.” As The Wall Street Journal reports, since the pandemic, more men have returned to the office, while women have remained remote in greater numbers. And, while working from home can be key to juggling work and family, for many, it’s proving to be a hurdle when it comes to climbing the career ladder. “It creates that barrier where they don’t know who you are and why they should try not to lay you off,” Katt Guadarrama, a mother of three who recently lost her remote human-resources job, tells the WSJ. “I wasn’t able to show how good I could be at my job.”
Do you have a plan to save for retirement? Great. Now, do you have a plan for cashing out? Many people don’t – and that’s a problem. As The New York Times reports, about half of American retirees fail to take a “systematic approach” to drawing down their nest egg. In fact, just 22% do, according to a survey from retirement tech firm IRALogix. “You can’t just arrive at age 65 or 67 and say, ‘OK, now what am I going to do?’ It’s a process, not an event,” said Peter de Silva, chief executive of IRALogix. “It’s coming. You’ve got to plan for this.”
🚨 P.S. No retirement plan to save OR spend? Registration is now open for the September Pre-Retirement session of our FinanceFixx coaching program. Our last one filled up fast, so don’t sleep on saving your spot. We’ll help you figure out where you stand with your retirement goals and pivot like a pro if you’re not quite there yet.
Ever feel like your success makes your partner squirm? It could be more than just a hunch – and it could be holding you back. This week HerMoney is unpacking five signs your partner may be intimidated by your ambition. One red flag? They make you feel guilty for your hard work and accomplishments – a sign they may be wrestling with their own insecurities. “If you find yourself, say, hiding purchases from him or concealing the truth about your latest promotion, ask yourself why,” writes Farnoosh Torabi. “Is it in reaction to his criticism? Or are you battling internally with owning and being proud of your decisions and success due to personal insecurities? If it’s the latter, open up to your partner about it anyway. Don’t bury yourself in your guilt.” |
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| What To Do About Portfolio Losers |
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Got a few duds dragging down your portfolio? You might be tempted to light a candle and pray to the stock market gods. But that’s not the move.
Instead, be realistic. “This is so important…do not hang on to something because it’s trading below the price you bought it at and you’re just waiting for it to get back to that price,” Karen Finerman told the InvestingFixx crew in this week’s session. “It’s a completely irrelevant piece of information. You want to look at your losers with a very clear, cold eye.”
Translation? If an investment no longer makes sense, it’s OK to let it go. Instead of clinging, reevaluate the facts and make a call based on where things stand now – not where you wish they were.
Wondering what specific red flags to look for? Catch the replay of this week’s meetup for all the intel. |
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| Ask Jean |
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| Q: |
Today’s question comes from Julie. She writes: Where do I search to find a good financial planner? Not someone who wants to sell their products, but someone to analyze what we have and help guide us. |
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Of all the money questions I get asked, this one just might top the list – and for good reason.
Hiring a financial planner can turn into a long-term relationship (we’re talking years, maybe even decades), so it’s absolutely worth being selective. Like a great doctor or therapist, you want someone who really gets you and has your best interests at heart.
Start by asking trusted friends, family or coworkers if they’ve worked with someone they’ve loved. Then, head online. There’s no shortage of sites that can help connect you with qualified professionals. For example, there’s the National Association of Personal Financial Advisors (NAPFA) and our friends at Wealthramp, a referral service that connects consumers with vetted, fee-only fiduciary advisors — no commissions, no strings, just real guidance.
Once you’ve narrowed it down to a few names, book intro meetings (these should always be free). Remember, you’re the one doing the interviewing here. And, before you commit, make sure you ask the five essential questions every client should ask. We’ve rounded them up for you, right here. |
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| Submit your questions to Jean here. |
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