Episode 120: How to Talk About Money as a Family Unit, With Amanda Neely
In today's episode, I chat with financial planner and business owner Amanda Neely about the importance of approaching financial strategy as a family unit.
I know the subject of money can be a bit touchy: how much we're saving, who's earning the most and how much. I'm sure you've experienced it.
We all grow up with different ideas about how money is meant to be managed and who is supposed to do it. And then we come together as a family and sometimes there are competing ideas.
It doesn't matter how the money is coming into the family bank account. It matters how the family manages the money once it's there and that it's the family's money.
Importance of women sharing in financial planning
Amanda’s specialty is talking about how to bring femininity into our conversations about money and why it’s actually critical that we do. Her goal is to help people take charge of their cash flow, leverage their assets, and increase their profitability in ways that would make their grandma proud.
She notes that many men will reach out to her to talk about financial strategies and putting together retirement income plans. When that happens, she tells them she wants their spouse at the meeting to share their goals and perspective. She finds that when women are allowed to bring their voice, they are often the ones asking, "Is this safe? Is this secure? How is this going to help our kids?"
When women are left out of the conversation, the financial strategy might end up being more risky or won't factor in what happens if they want to have a hobby or start a business. When their dreams aren't part of the financial plan it never happens. It's also important to have the conversation in the event something happens to the spouse making the financial decisions. It's empowering to know what's going to happen with the money should something happen to a spouse. Don't start from scratch in a time of crisis.
"If you have shared financial lives in any way, shape or form ... even if you're not married, you should both be in the conversation."
When is it time to pivot in business?
As an entrepreneur, Amanda and her family had to work out how to shift from living off tips to paying themselves a living wage and setting aside savings for long-term retirement. They developed the STILL Method, and Amanda has provided a financial planning checklist for Game on Girlfriend listeners to download.
The STILL Method
Set your sights
Track your cashflow
Inspect your progress
Look for the 1% adjustment
Live deliberately
Remember, it's not just about money, it's also about where the business is going. The method allows for short- and long-term goal setting, monitoring how money moves in and out and ways to assess and tweak what is working. Amanda highlights Gary Keller's book, "The One Thing", which discusses doubling down on one thing you can do that month to make everything else easier.
Amanda says the STILL Method is a tool to help people start the money conversation. Listen to the episode for more tips about how to talk money management, including how to flip the script on people who might tell you it's just too complicated. Spoiler: It's not. And the more you have the discussions, the more empowered you will be.
Next Steps on path to financial freedom
- A Sneak Peek Into My Money Workshop
- Let’s Make Lots of Money & Other Birthday Musings
- The Truth About Money
You can check out our podcast interviews on YouTube, too!
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