The Skinny Confidential Him & Her Show Master Your Money & Secure Financial Freedom Ft. Katy Song - Chief Financial Planner At Domain Money
Jan 17, 2025
In this engaging discussion, Katy Song, Chief Financial Planner at Domain Money with nearly two decades of experience, shares practical advice for mastering finances. She emphasizes the importance of proactive planning and financial literacy. Listeners learn strategies for overcoming debt, the pros and cons of renting versus buying, and the essentials of investing for short- and long-term growth. Katy also highlights the unique financial challenges families face, offering insights on fostering healthy financial habits in relationships.
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Shame Grows With Income
- Shame and aversion to money management increase with income level due to expectations.
- Many high earners feel they "should have figured this out" but are still stressed about finances.
Build Your Balance Sheet First
- Start your financial planning by constructing a detailed balance sheet covering all assets and liabilities.
- Track your net worth annually aiming to grow it by 5-10% to assess financial progress.
Aggregate Family Finances Openly
- Combine all family finances to understand total income, spending, and saving clearly.
- Discuss money openly to align on lifestyle costs and financial goals as a family.