Kathleen Thomas. Courtesy photo.
A Hampton financial advisor with a passion for sharing her knowledge has not only written a book, “The Hardworking Woman’s Guide to Money,” but recently developed a weekly podcast to help others own their financial lives.
“There are people who have access to financial advice and advisors and people who don’t,” says Kathleen Thomas, president and lead wealth advisor at New Day Solutions, who released her book in 2017. “I wanted to write a book for people who might never meet me or never have access to an advisor.”
In the book, Thomas outlines seven habits for becoming financially savvy and covers such topics as determining net worth, understanding bank fees and securing a mortgage. “I do money all day, every day,” she says. “But most women don’t. They don’t understand about negotiating rates with banks or know they can get a 20- or 25-year mortgage not just 15 or 30. Why not align [your mortgage] with your planned retirement?”
Thomas says a study determined that 80% of men will die with someone taking care of them, but 80% of women will die alone. At some point women become the only decision maker so they have to be better planners. And since some women spend less time in the workforce because of child-rearing, they have less time to accrue savings. “When you think about the financial mistakes people make, women can less afford those mistakes.”
Thompson is particularly passionate about prenuptial agreements. “Too often women don’t think about it and rush off into that second marriage. I tell them, ‘It’s not about trust, it’s about protecting yourself and your children,’” she says.
Having such a conversation doesn’t have to be a deal breaker, she adds. “When the new husband comes along, we can say, ‘We talked about this before we knew who you were going to be. It was always going to be this way.’”
Thomas says she uses humor and storytelling because people learn better when they can relate. “Past mistakes lead to shame that can lead to inaction. People money shame just like people fat shame,” she says. “I try to be like the money whisperer.”