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Women of PCM Talk Financial Independence, Financial Planning In New York

By January 7, 2021January 20th, 2021No Comments
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Are Finances a Hotter Conversation Than Relationships?

Finances have been a taboo conversation since money has been a thing, and the women of Payne Capital Management are so over it! Frankie, Courtney, and Jennifer share their financial wisdom as well as tips they use to make talking about money as easy as talking about your relationship.

Frankie: Create a Safe Space

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PCM financial advisor Francesca “Frankie” Lagrotteria is a financial planner in New York City. She joined PCM seven years ago as an intern and learned the business from the ground up. “I feel like the luckiest girl in the world!” she says. “I love talking to people, learning their stories and what they do for a living, learning about their family, and then taking really practical steps to achieve what they want to accomplish. I help them along the way by staying in touch, having conversations, and making sure that what’s playing out with their investments is always applicable to their goals.”

“I actually talk to my friends a lot about finances. A lot of that probably has to do with the fact that we are just getting into the time of life now that we’re really into our careers and have been in them a few years. I have a great group of friends that feel comfortable coming to me with questions they have on finances.

And that’s the approach I take at PCM, as well. I like to create a space where it feels like you can safely ask questions without judgment. You can ask questions you don’t know the answers to. You can explore what your goals are for your money. I think just having someone you feel safe with and being able to ask questions is the key to opening up conversations about money and finances.”

Courtney: Don’t Lose Money By Staying Cash Only

PCM senior wealth advisor Courtney Dominguez started as an intern with the company in its earliest days: “It was very small back then, and I had the opportunity to learn all facets of the business. No one really teaches people how to save and manage money well, so it’s such a valuable skillset that we can offer to our clients. Friends come to me with no idea what to do with the money they’re earning because they just never learned it.”

Saving for the future is about more than a checking and savings account, Courtney says: “And this is not even just for women, but also for men. The big recession happened in ‘08 and people became really terrified of the stock markets; they’re all sitting around with their money in cash. And I think a lot of people feel comfortable and safe, thinking they can’t lose any money that way. But the problem is, over time, things are going to cost more in your checking and savings accounts. That money isn’t going to grow. Things are going to cost more and more each year, and every 15 years or so, your money is worth about half.”

 

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“If you have a hundred thousand dollars today, 15 years from now, that’s only worth $50,000 if you don’t get it invested. So, you are actually losing money by not investing it over time — and women, it’s even worse for us because we live longer than men do and we have a longer timeframe we have to plan for. Even if we decide not to have a family, we may end up caring for elderly parents at some point in life. And there might be times where we’re not working for those reasons. So it’s actually that much more important for women just to get their money working for them and make sure it’s growing.”

“Most young women I see are not investing their money, and it’s just because we just never learned anything different. It’s no one’s fault, but that’s why we’re getting out there and helping people figure out what to do to meet their financial goals.”

Jennifer: Be a Conversation Starter

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PCM financial advisor and NYC director of operations Jennifer Angell encourages us to break the finance conversation ice by just talking about openly. “We’re in the industry,” says Jennifer, “so we talk finances all the time, but it can be really hard for other people. Try bringing it up in the natural course of the conversation, like, my friend is getting married next year and I just asked her, ‘How are you guys planning to split the rent? What’s your plan for how to share the finance stuff?’ And they had no idea, so I offered some tips.”

“Yes, it’s sometimes uncomfortable, but if you do it in a small setting with somebody you trust, it’s much easier to do. If you’re going to go find a new dentist, you might ask your friend, right? So why not ask about finances, too?”