Today we have an incredible episode with Russ Thornton; he is going to be talking to us about why money is important and what role money plays in our life! We will also be touching on the difference between investments and financial planning because there is a big difference! This is a great episode for women to truly understand the importance of financial planning and how we can get started today!
Russ Thornton is a financial advisor and founder at Wealthcare For Women, where he helps women shrewdly and powerfully manage their money with confidence. Russ has 23+ years experience managing wealth, and helping countless people create financial plans for retirement, caring for aging parents, supporting adult children, savings, investments, and most importantly, living a great life.
But truly, it’s the heart of the business that drives what Russ does.
“You might be wondering why a numbers guy like me seems so invested in women going through divorce, widowhood, and other major life changes. Well, it’s because this is personal for me. You see, as a young man in college, I watched as my mother, a woman I look up to and cherish (like any son would, I’m sure), went through a divorce. She didn’t expect the ramifications it would have on her life. She was far from prepared to face the emotional turmoil that would ensue, but even less equipped to handle the financial ups-and-downs that came with it.”
Russ built a passion for helping deserving mothers/wives/women means empowering them to make smart, informed decisions so they can live great lives supported by a financial plan that WORKS FOR THEM.
“BECAUSE I NEVER WANT ANOTHER WOMAN TO GO THROUGH WHAT MY MOTHER WENT THROUGH EVER AGAIN.”
TOP POINTS FROM THE EPISODE:
Why is money important to you?
What role does money play in your life?
Investment is apart of financial planning!
Retirement planning, Life insurance, Estate insurance, A will are all apart of financial planning.
- Women very dependent on their husband or spouse.
- Women become disengaged in the finances!
- Women don’t equip themselves with the basics of financial planning
- Starting with why? What’s the purpose of financial planning! Understanding your financial goals!
- The concept of focusing on the things you can control:
⁃ 1. Time -to you retire, kids go to college
⁃ 2. Risk- how much risk are you willing to take!
⁃ 3. Cash flow: spending versus intake! Earn more than you need to spend!
⁃ 4. Not just saving but earning more! Negotiating at your job, starting a side hustle!
- Risk: there are multiple flavors of risk! Purchasing power risk. Not just putting it in the market but the bigger risk is your lifestyle!
What are you doing to protect your money!
The rule of 72. If you take interest rate divided by 72. Means in so many years shows your cost of living!
GOLDEN NUGGET: A lot of women, well educated women, get overwhelmed and procrastinate! The biggest thing is time! Encourage women to get started!!
RECOMMENDED BOOK: Start With Why By Simon Sanek
STAY CONNECTED: www.wealthcareforwomen.com
If you know anybody that would benefit from this episode please share it with them and help spread the knowledge and motivation.