Celebrity Estates: Wills of the Rich and Famous Dead Celebrity Ep 6 – Women and their Finances: Gloria Vanderbilt — With Guest Michelle Smith, CDFA
Aug 27, 2019
In this conversation, Michelle Smith, a Certified Divorce Financial Analyst and founder of Source Financial Advisors, dives into the evolving landscape of women's finances. She emphasizes the importance of clear communication and emotional intelligence when advising female clients. The discussion highlights common financial pitfalls in marriage and the necessity of transparency. Michelle also advocates for the need to adapt conversations around money, focusing on cash flow and lifestyle priorities, especially after major life changes.
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Vanderbilt's Jeans Built A Personal Empire
- Gloria Vanderbilt built an empire with designer jeans that earned her about $17 million between 1978 and 1984.
- Her name-powered denim line eventually generated roughly $100 million annually at its peak.
Make Money Conversations Relatable
- Money can feel like a foreign language to women who haven't controlled it and needs to be made engaging and clear.
- Advisors should align financial conversations with clients' values, not lead with tax jargon.
Know Where Your Money Lives
- Communicate about money during marriage and know where assets and income are flowing.
- Ensure your name appears on accounts you may need to access later.
