Mastering Divorce Finances: A Guide for Solo Moms w/Patti Handy
Divorce is never easy, but it can be especially trying for solo moms who do not have a healthy money mindset. Yet, we can't afford to let our emotions overtake financial wisdom.
This episode will give moms facing divorce some tips on how to manage their finances.
Patti Handy is a solo mom who helps women sort through their finances. She's also a Certified Executive Coach, Certified Life Coach, holds a Real Estate Brokers license, and published author of four books.
**In this episode, we discuss the financial challenges that solo moms face after divorce and how to overcome them. We also cover topics such as:
- Taking an inventory of your finances (2:30)
- The "God wink" that caused Patti to start focusing on her finance(3:40)
- Advice if you're currently going through a divorce or negotiating finance with a co-parent (5:57)
- What is a money mindset (16:28)
- Getting help from a financial advisor (17:00)
Key Takeaways:
- Solo moms need to control their emotions and focus on their finances during and after divorce.
- The first step is to take an inventory of your assets and liabilities.
- Once you know where you stand financially, you can create a budget and start to pay down debt.
- It is also important to save for the future, even if it is just a small amount each month.
- If you are feeling overwhelmed, don't be afraid to get help from a financial advisor.
Bio: After spending a combined 20 years as a Financial Advisor and Mortgage Advisor, and having countless conversations with women, I decided to pursue my dream of Financial Coaching for Women. I'm a teacher at heart and I love to educate and empower women with money smarts!
Connect with Patti on Facebook | Website | Instagram: @pattihandy
Patti is another awesome guest from PodMatch. Check out Patti's book: Money Rules 101: Master Your Money Before it Masters You - A Guide for Parents and Teens on Amazon.
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Mentioned in this episode:
Don't Parent in Silence
Hello Solo Moms. As a solo mom of three adult sons, I understand the challenges you face on a daily basis. As a mentor, my mission is to help you shift your mindset and empower you to take control of your life, to see yourself as God sees you. I know that unresolved trauma can be a heavy burden to carry and parenting alone can be a lonely journey, but it doesn't have to be that way. I want you to know that you are not alone. You have the strength and resilience to overcome your challenges and create the life you desire. Speaker 1: 0:41 I want to help you to make the effort to tackle unresolved trauma and change your perspective so you can live the life you deserve. I offer complimentary consultation where we can discuss how to move forward, create a plan to help you heal and empower you. You can schedule a consultation by emailing me at jen@jrosemarie.com or by calling + 1-917-994-1329 (WhatsApp), or schedule a consultation with the link below. I am here for you and I want to help you take the first step toward healing and empowerment. Don't let unresolved trauma hold you back any longer. Don't parent in silence. Take action today and let's work together to empower you to live the life you desire. Thank you.
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Transcript
that cause you to focus on this, you know, the finances of people, you know, women who get divorced. Patti Handy (03:03.509) Yeah. So funny story. I actually was the one in my marriage who managed the money and did the investments. And I was always comfortable in that role. And shortly after my divorce, I remember laying in a fetal position, just sobbing with sadness and grief and just trying to figure out what I was going to do with life. And I had this very random download and I call it a Godwink that, and the voice said, you're going to be fine because you know how to manage your money. And it was very random, I wasn't thinking about the financial piece of it. I was just thinking about my son and just being a mom and just the sadness of loss and everything else. And I remember coming out of the fog, you know, much, much later, many, many months later, thinking I'm going to somehow turn this around and, and teach these women, you know, how to manage money and how to get comfortable with money. And, you know, kind of fast forward through my many years as a mortgage advisor, then a financial advisor, I heard very similar stories from women who were just very fearful, very overwhelmed. This wasn't their strong suit. And I knew I wanted to somehow change that. So I left my role as a financial advisor. Some people think I was crazy and left that role to coach. And it was really because I had heard so many times from so many women, it was just one of these topics that they weren't comfortable with. And I wanted to be a bigger piece of that movement and that healing. And I couldn't do the amount of that as a financial advisor. So I made that pivot as a big leap of faith. J Rosemarie (04:39.722) Yes, yes, thank you. And I wanna ask one more question about that simply because I went through a messy divorce 20 years ago. I'm still feeling the financial ramifications of that now. So I like to kind of dig into this a little bit. What's the biggest challenge you think divorced mom's face, solo mom's face, especially during the divorce that Patti Handy (04:52.083)
Mm. Patti Handy (:Patti Handy (05:22.717) Yeah, well, during the negotiations, if you're actually in the middle of a divorce and still negotiating with the attorneys and whatnot, it's a very highly, obviously, emotional place. And it's really hard to make a good decision from a very highly emotional place. So my recommendation is to step back, take a breath, make sure that what you're being offered, make sure that everything that is being suggested that you end up with is fair. I have unfortunately seen many, you know, J Rosemarie (05:31.466)
Mm-hmm. Patti Handy (:Yeah. J Rosemarie (07:58.847) All right, got you. Okay, thank you. So, women and money. Give a solo mom one or two tips. I give you leverage with this.
rrent situation. Patti Handy (:
