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Engaging Women in Wealth - Rancho Santa Fe, CA

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3 Mistakes Women Make With Money

| June 12, 2018
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I’m often asked, “Why did you become a financial wealth adviser?” The deeply personal answer frames a business built on desire and dedication to helping others. 

In 1997, I was a married, stay-at-home mom of three young daughters living in California. One morning a car pulled up and dropped something off. As I approached the door there was a “foreclosure notice” on it. Needless to say, I was embarrassed, in shock, but most of all angry. I was angry at myself for being so unaware that we were in financial trouble. You see, my work life before being a stay at home mom was as a financial planner and VP of Great Western Financial Securities.  And yet there I was staring at a foreclosure notice. Why had I not seen this coming? Why wasn’t I involved in our finances?

“I decided to get my financial house back in order and began helping others

to not ever experience the same devastation that I was going through.”

After that day I got back into finance and relicensed. When my marriage dissolved in 2004, I was grateful for having reestablished a career and independent life. For the past 20 years, I have been the principal and wealth advisor of Estate Management Group and Engaging Women in Wealth. My wealth management/financial services firm guides investors, retirees, business owners, high net worth individuals and women/widow investors. We manage and grow client’s assets. Devon, my oldest daughter has worked beside me for nearly ten years. 

I’ve witnessed women make the same “Top Three Money Mistakes”

repeatedly when handling their money:

1)  Not being involved in the finances

2)  Procrastinating on having a Living Trust

3)  Being unprepared for cases of catastrophic events

My mission is to help women recognize and overcome common financial planning pitfalls. I launched Engaging Women in Wealth (EWIW) in 2013. We focus topics for women ranging from Maximizing Your Retirement Years; Making the Right Choices with Social Security; and How to Read Your Financial Statements.

Over the years, I’ve noticed how common it is for married couples to have

the husband in charge of all the finances.”

When I meet with a couple my focus is often on the wife. We talk about how the wife usually outlives the husband and would she feel prepared if he died suddenly? Depending on her answer, I’ll dive deeper into the conversation. Our goal is to keep her in the same lifestyle as today. I ask the couple if they have a Living Trust. If the answer is “no”, I give them examples of probate and the ugly truth about what will happen to their estate if they don’t have an Estate Plan. If they do have a Living Trust, we discuss if it is “funded” properly under their name. We make sure the date of the Living Trust is the date that is on the bank accounts and investments. I’ve seen a lot of mistakes that can jeopardize an estate and lead it to probate, unnecessarily. 

I sense an epidemic. People are under-saving and becoming over-leveraged.

Sadly, the consequence for many is that their retirement is going to be grim.” 


When I meet with single women we have a similar conversation, but more candid and heartfelt. We talk through three areas: How can she make important things happen without having a roadmap for the future? Then we visualize and get excited about a “life plan” which includes personal and financial goals covering present-day needs and her future. And lastly, we talk about how she would feel if something catastrophic happened. Are her affairs in order and would the children or loved ones know what to do? By encouraging visualization, a woman can relate more to her personal situation and create the best roadmap for a comfortable life.

Estate Management Group and Engaging Women in Wealth have offices at 16906 Via de Santa Fe, Rancho Santa Fe 92067 and 3940 Hortensia Street, San Diego, Ca 92110. For more information call  (858) 756-0004 or visit EngagingWomenInWealth.com

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