by Andrea Davis
Money, death, taxes–all topics most people prefer to avoid. However, Lisa Gabriel and LisaMarie Smith, along with a group of under-40 women, confronted these realities head-on in a workshop on Tuesday, September 12, 2017, at the RCWMS office. Ms. Gabriel and Ms. Smith, of Pinafore Wealth Counsel of Durham, provided a hybrid format which gave basic guidance while encouraging questions specific to the concerns and goals of participants.
While money can be difficult to discuss, the group was set at ease by the co-leaders. Lisa and LisaMarie began the evening with an exercise inviting each person to write down the first word that came to mind related to money, and one or more burning financial questions. Healthy snacks and hot tea also soothed. Starting from the need to build an emergency account, discussion also covered college loans, tax implications of various decisions, and considerations around life insurance. Relational aspects included implications for households with significant college debt and the possibility of “financial infidelity.” The then-fresh news of the Equifax breach also prompted discussion of the importance of monitoring and protecting one’s credit. Investing and other retirement savings rounded out the discussion.
Many participants expressed relief at learning more information, while also regretting that some of these lessons hadn’t been learned sooner! We found that we had many similar goals and that our financial knowledge was enriched by the time with our gracious leaders.