Only 16% of BoomX Women Say They Have Received Financial Education*
That’s not acceptable. For years, women have been reaching out to Sherry for financial advice and planning assistance. You have been:
Stressed and ashamed that you somehow missed the memo on how to manage money.
Ready to make yourselves wrong when you seek advice. (Seriously, the women Sherry meets are quick to begin the conversation with, “I’m sure you’re going to tell me my financial management is terrible.”)
Scared that you won’t be able to continue working long enough to fund your retirement.
Worried that you’ll need to work forever to fund your retirement.
Ping-ponging from children to work to parents without time for yourself.
Angry that media, marketers, and institutions think you’re invisible.
Madrina Molly™ wants you to have a place to go to read, ask your questions, confirm you are on the right track, solve problems, and achieve a lovely "second half" of life. All this comes with the confidence of knowing that Sherry isn’t a finfluencer; she’s a former working financial planner and a current (and forever) CERTIFIED FINANCIAL PLANNER® Professional.
Source:
* https://helpageusa.org/wp-content/uploads/2023/06/Report-V3-updated.pdf
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Monthly/Annual Subscription: Access to Public Posts, Subscriber-only Financial/Longevity Planning Sections (including Sherry’s #LoudFinancialPlanning), and the ability to comment on posts and join chats
Financial & Longevity Planning Cohort Member: Access to a private email address to ask Sherry questions and receive personal responses whether or not you already work with a financial planner.
Most Americans Dramatically Underestimate How Long They Will Live
According to the Actuarial Life Tables (2021) used by the Social Security Administration for women, the average life expectancies are as follows:
Realize that these are averages. That means that 50% of you will live longer than your average life expectancy. As a matter of fact, if you were born in 1955 or later almost 2 of every 100 women will see their 100th birthdays.
What do you see?
For starters, the older you get, the older you get! By the time you’re 65, you have a 50% chance of reaching 85(ish). And if you have longevity in your family and are in good health, you could easily stretch that to 95. (Sherry’s “still-kicking” 96-year-old mother had a mother who lived to 96 as well.)
If you’re 50 and have, on average, 32 or more years to live, what are you going to do with that time? Of course, you want to have enough money to last your lifetime. But you also want the skills to be able to use the latest technology, cooking tools, and entertainment media. You want to be able to communicate with your grandchildren. You want to be healthy for as much of your long life as possible, with the energy and strength to do what you want to do. You want all of that, don’t you?
That’s why, at Madrina Molly™ longevity planning is financial planning and vice versa. There’s always going to be change and there's always going to be a new new economy. And we, the Women of a Certain Age(ncy), are the ones to take advantage of it because we are #NotYoungNotDone and we all have #MoreRunwayThanWeThink.
We recognize that it’s hard to discern what is real and what is finfluencer clickbait or product sales masquerading as advice in financial services work. And that’s unfair to you. There are only 105,000 CFP® Professionals. Of these, under 25,000 are women. That means there simply aren’t enough credentialed financial planners to go around. And, while it’s well documented that women would prefer to work with women financial advisors, it’s not easy to find them. What’s more, because young CFP® Professionals need to build their practices, they may seek out the wealthiest clients or have minimums for investible assets or net worth. That leaves a lot of mass affluent households out in the cold.
Sherry, via Madrina Molly™, can provide education and thought leadership to a larger audience, digitally. Members have access to Sherry Finkel Murphy, CFP®, RICP®, ChFC® and the mini-courses we have put together. We want you to have faith that Sherry provides measured information with fiduciary care. Like all good planners, she certainly has opinions. But we promise she’ll be very clear about planning domain best practice versus personal preferences.
This is how we will democratize, demystify and disrupt the financial planning domain. Gatekeeping this information is wrong, especially for the cohort that will control $34 Trillion by 2030.
We do not provide or broker any financial solutions. All content is for educational purposes and does not constitute investment “advice.”
We’re so happy you’ve decided to join us.
Now that you’ve gotten this far in your reading, you know:
There isn't enough solid financial education available for our cohort.
There aren't enough women financial planners to serve us.
We are the cohort who will control $38 trillion by the end of the decade.
We are the cohort whose average life expectancy has increased into our late 80s.
We are the cohort at great risk for chronic illness, especially due to stress.
Knowledge is power.
It's time to fix this and reduce the stress, shame and guilt that surrounds financial literacy.
Planning is what gives you resilience when circumstances change, and you must adapt.
Nobody enters the planning conversation at the same place. Thus, there is no linear workflow to financial planning. Think of it using a sports metaphor, where there is offense, defense, rules, and optimizing techniques.
If you have all four, you have a game plan. If you only have one or two, you must rely on luck.
Let’s not rely on luck.
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Sherry Writes on the Following Topics in Your Cohort Membership:
Cashflow Management: This area covers understanding your spending, your credit, your productive debt, and your income. It helps you direct where your money will come from and where it will go. It is the key to all other successful parts of planning.
Growing Wealth: This area covers investing and growth solutions for your savings; the tools available to you; and the choice to be in the stock market or not, depending upon your goals. This area also helps you understand time horizons and compounding.
Insurance and Protection: This area covers defense, specifically, your insurances, emergency funds, sources of liquidity and anything else that provides a hedge against an adverse outcome.
Business Planning: All businesses require continuity plans and succession strategies in order to provide for clients, families and employees. This area helps owners and solopreneurs understand how to treat themselves like a business.
Education & Gifts: This area covers the rules of gifting to children and other individuals, organizations and philanthropically; as well as how to fund education.
Retirement Planning: This area covers how to save for retirement, how to be tax-intelligent on the glidepath to the next 50 years, and how to distribute money effectively throughout retirement. Retirement is a life stage that can span 30+ years. We should treat it as an ongoing process and not a one-time event.
Lifetime Income: This area covers guaranteed sources of income, such as Social Security, pensions, and income annuities.
Invest in Your Health: This area covers the science of healthy aging, as well as insurances you will need to address frailty risk: Medicare, Medicaid, and long-term care insurance.
Longevity Literacy: Actuarially, we are bad at judging how long we will live. It’s important for our health spans (the length of time we remain healthy in our life spans) that we plan intentionally. This includes:
Financial resilience
Living in the right place
Having a sense of purpose
Maintaining social connections
Maintaining physical well-being
While these are not, specifically, topics solved by financial planning solutions, they absolutely have an effect on the success of financial plans. As a result, we treat longevity planning as part of financial planning.
Estate Planning: This area covers how estate planning works, critical documents, trusts and beneficiaries.
