Listen to this articleThe basics:
- NJBIZ Women’s Leadership Summit panel spotlights financial experts
- Panelists discuss budgeting, caregiving, retirement planning
- Speakers emphasize financial confidence, long-term security
- Women encouraged to plan early and seek professional advice
As part of the second annual NJBIZ Women’s Leadership Summit, female financial executives from companies operating in New Jersey spoke about maintaining financial wellness through life’s transitions.
Moderated by NJBIZ Editor Jeffrey Kanige, the Nov. 12 panel featured:
During the 60-minute discussion, panelists addressed how to navigate personal finances during peak earning and caregiving years, balancing family responsibilities, saving for college and preparing for retirement.
Additionally, participants delved into strategies to build long-term security and financial confidence through every life stage. For women who are out in the workforce, that means educating themselves on resources and tools provided through their employers, such as life insurance and 401(k) plans.
It could also lead to some discussions that may not be easy or comfortable, they said.
For instance, women who are preparing to get married – or are already married – were encouraged to have honest, open conversations with their partner about budgets and goals. And, for those who are nearing retirement, or retired, panelists urged them to have a plan for the golden years that factors in the possible need for care.
‘It’s not a sprint’
Hughes said, “Financial wellness is not a number and it’s not a statistic. It’s not making sure you have a million dollars in the bank or getting 10% on your returns each year. It’s a feeling of empowerment. It’s how confident are you with your financial decisions. It’s using the skillset and the resources that you have available to you to reach those financial goals.”
“It is not a sprint, it’s a marathon … it’s long-term planning. So, when you think about your finances, you should feel good about it. If you have anxiety and you’re up every night panicking, then something’s out of whack. Something is not aligned with either your skillset or the resources you have available,” she explained, “But, really you should have a sense of empowerment … that’s financial wellness to me.”
Pyryt added, “When I think of financial wellness, I think how comfortable and confident are you with your money? And that shows up in four different ways for me: How secure do you feel about your money? What freedom do you feel around your money? How educated do you feel? And what anxiety do you or do you not have? And at any point in your life, these will feel different. But I think of those as the pillars that lead to your financial wellness journey.”
They also stressed the importance of seeking professional advice when it comes to financial issues and goals — especially when it relates to estate planning, wills, retirement and asset protection.
Building a budget
Fodani emphasized the importance of starting financial planning “at a very early age” for areas such as long-term care and retirement funding.
Given the uncertain employment market, she stressed the need to get smart about money security. Fodani also noted the need for finding a balance when it comes to spending.
Hughes said, “Budgeting is probably the most essential part or one of the most essential parts of creating a sound financial plan. It is the step that causes the most grief. I get the most pushback from clients because when you put everything on paper and you actually get down and you see what you spend, what’s coming in and what’s going out, it can be eye-opening. So I think you really need to budget. You need to know where your money is going.”
Budgeting is probably the most essential part or one of the most essential parts of creating a sound financial plan.
– Justine Hughes, founder of Firefly Financial
Doshi explained, “At some point, your earnings, your income, your asset growth, your investments, your business, etc., is generating more than your expenses. And so, the budgeting conversation becomes very different. No longer are we having to pick between whether to pay for a vacation home or private school. Now, we’re operating from a place of abundance and that’s a different conversation. Budgeting is still really important.
“I’ve worked with people who make incredible and have incredible wealth and still manage to outspend it. But, for many, many people there comes a point at which that balance is working in your favor and that’s a great thing. But that doesn’t mean that you can take your eye off the ball. It just means that it’s a different conversation. We were talking about allocation, how to spend and where money goes … long term after your own passing.”
