206. What Women Need to Know to Manage Their Money With Lisa Crosta

Money can be fun! If you're afraid to hire a financial planner, you're going to be so happy to meet Lisa Crosta. You don't have to be afraid to talk about money, and today, we dive into what can happen when women get clarity about money management.

Lisa decided to become a certified professional accountant (CPA) because she wanted to work with people. She recognized finances can be confusing; there's so much jargon and misinformation. She is the Director of Wealth Management of BPP Wealth Solutions where her all-women team helps clients better understand their financial picture so they can achieve their dreams. 

“This is everyday math that makes sense with what we do with life,” says Lisa. “And when you start talking to people about money, they open up to you about incredible things.”

Money is the most powerful tool we have access to, but for the most part, no one teaches us how to use it. 

Lisa says if she could change one thing about the money conversation, it would be to have parents talk to their children about it. She says there’s rarely a discussion about the concept of how much things cost and it can be confusing for kids. If a parent says no to buying ice cream for their child, it might be because it’s too close to dinnertime rather than the item being expensive. 

Lisa says it’s important to use money appropriately as a tool, not as an excuse when you want to discourage behavior. There is a morality that we assign to money; we put emotion into it.

Many of her clients are initially nervous about sharing their cash flow with her. Looking at the money coming in and going out, people think they’re in trouble, and they will have to budget. 

Some people want to save, and others are fine with putting their 401K aside and spending the rest. Financial planners give them projections – there are a lot of assumptions. You can see that if this is how you live, this is where you’ll be at 65. Lisa says, the projection may or may be good, but don’t you want to know?

“It’s not about who has the biggest pile [of money],” says Lisa. “It’s can you do what you want to do with what you have?”

“I find the women that choose not to get married and are managing themselves are fine. It's when they're relying on somebody else, and then they end up with divorce or death. They get sideswiped,” says Lisa.

At some point, you will manage that money, and understanding the various assets and how they work from a tax standpoint and an inheritance standpoint is key.

Lisa says understanding what you own, how it’s titled, and how to invest it is the most important. 

“You can't put everything in a drawer and wait till you're 65 and pull it out,” she says.

She suggests hiring a professional. Tax laws have gotten complex. There used to be just one retirement account – pensions. Now, there are different rules with many different types of retirement accounts. In managing money, knowledge truly is power.

Connect with Lisa Crosta: https://www.bppwealth.com 

Use coupon code Sarah10 to get 10% off financial planning services.

Other GOG episodes you might want to check out:

Money Beliefs That Hold You Back from Making More: https://sarahwalton.com/money-beliefs/ 
How Values Make You Money: https://sarahwalton.com/jennifer-kem/ 
Do You Know Your Financial Personality: https://sarahwalton.com/know-your-financial-personality/ 

You can check out our podcast interviews on YouTube, too! http://bit.ly/YouTubeSWalton  

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