Madrina Molly ?

Madrina Molly ? is proud to be an ?? Educational Sponsor ?? of the ?? Women & Wealth Catalyst Summit ?? in San Francisco in two weeks. If you have not registered, this is a tremendous opportunity to understand how women's venture funding will change the world. It's time to ride the fierce wave of women ?? Getting Rich Together ?? as Syama Bunten says. You'll have an opportunity to hear from women who are making investments in themselves, their communities, and in the future. And, if you can't make it to San Fran, stay tuned for NYC on May 13th! ??? https://women.win/ #WeRescueOurselves

Exactly THIS from Beth Pinsker CFP?. Easy math: You have $20K in your IRA. The market dips 10% You now have $18K in your IRA. You decide to convert it to Roth. You pay tax on $18K. The market pops back up....but you never pay tax on the $2K extra. Down markets are excellent times for Roth conversions.

I'm working on the book chapter about knowing your number. ?? If you ask a guy how much he needs to retire he'll give you a number with a lot of zeros, whether or not he knows how much those zeros will buy. If you ask a woman how much she needs to retire she'll tell you "enough to do what I want/need to do and not run out of money." When I described this on a conference call, one of my contractors burst out laughing because the night before she'd been witness to that very conversation playing out in the living room of her home. ?? The greatest part of the stress of retirement is the not knowing. It's awful on two counts: What if you run out of money? Do you eat cat food? What if you don't spend enough? Isn't it just as bad to arrive at 90 years old with millions still in the bank only to realize you're too old to spend it the way you would have at 70? You will have flunked retirement! I have found a perfectly marvelous tool to recommend in my book and here. You can find the link under Your Financial Model on my Substack where you can try it for free: https://lnkd.in/gx4kJpcE I welcome your feedback. For Madrina Molly members, I will be holding office hours to troubleshoot models. In last night's member meeting, I gave a demonstration of it to three people. And they all saw what I saw--this is a way to figure out my number and work with it as life happens. The alternative is having your financial advisor run their advisor-facing software and create what may be fiction (through no fault of their own.) For the demo, I created a couple who are 50 years old. And they plan to work for 15 more years. Based on their savings rate and their super high incomes, they are well funded for retirement. Then I created a scenario where my subject is laid off in resource action at 55. Suddenly, the probability of success goes from 99% to 41%. Ew. But I was able to add a consultancy that grows over time (without additional saving) and I was able to reallocate some cash to brokerage so it grew better. That got us to 84%. Since my girl was now consulting, she would wait to 70 (from 67) to take her SS. Her partner was going to work two more years to 67. Voila! We fixed our own problem in real time. And we didn't have to "spend less" to do so. Software vendors are proud of the brilliant flips and twists their models can do with Monte Carlos, guardrails, conversions, and tax optimization. ?? But the greatest gift I'm seeing is people really understanding that the success of their financial and longevity plans is in their own hands. BOOM! Give it a shot and let me know what you think. #WeRescueOurselves Madrina Molly ? Boldin Photo alt text: 65 year old professional woman (me) in a colorful sweater and blouse.?Her reading glasses are tucked in her shirt to grab easily and she is sporting a pixie barber haircut. She looks like she could run the world and not mess up her lipstick while doing it. (Take that, AI!)

If We Use Alt-Text Better Will We Combat Ageism? I’m desperately trying to find the post (if someone knows to what I’m referring, please put it in the comments) that crossed my feed this morning wherein generative AI was asked to create pictures of older women doing what they do. ?? Sadly, it produced a bunch of women sitting around knitting. I commented to a professional colleague who posted an important article about Social Security.?Unfortunately, through no fault of his, the accompanying photo from his marketing department showed two aged stoop-sitters in their housedresses. ?? We know that role modeling is powerful.?But AI is being trained with the wrong message. ?? It seems to me that if we want AI to reflect our reality and not our short-handed old stereotypes, WE will be the ones to train it. ?? We need to see ourselves being capable. And we need to let AI see us being capable. ?We are not all stoop-sitting grannies or sedentary knitters.? (To be clear:?I am a big fan of both stoop-sitting and knitting.?That’s not the point here.) My thought is that we need to be really really explicit in our use of Alt-text in photos we supply to ensure that whatever AI is picking them up gets an accurate presentation of what they are.?And we need to flood the zone with more accurate images. If you know of what else we should be doing, please comment. And please tell the marketing department to get with the program! When I see a 65 year old, I want to be looking at Cindy Gallop! (or me!) When I see an 80 year old, I want to be looking at Billie Jean King!!! #WeRescueOurselves Photo: 97 year old Hurricane Jackie (mom) playing the ukulele, her newest hobby. (See alt text) Carl Honoré, Avivah Wittenberg-Cox, Rekha Gibbons, Robert Powell, CFP?, RMA?

Here is a post from February 2024. I was listening to #LeslieJones's Memoir (I think she's a riot) on one of my drives from Ohio to New York. I was highly amused and truly touched. She cares deeply for her family. And one of the truest expressions of love is to see that we are all sent off to the great beyond with dignity. ?? It bugs me that if you speak to insurance people they think all things can be done with insurance. And if you speak to investment people they will tell you the opposite. You need insurance, investments, and banking--all 3-- in your financial plan. And you need to know enough what to ask for. So here's my unadorned planning advice: ?? When you are young and your premature demise would impoverish your partner and family, you need a ton of term insurance because it's cheap. This will end in 20 or 30 years (the 'term') when the kids are launched. ?? By the time you are in your 50's, before you become uninsurable and before it becomes breathtakingly expensive, you should get just enough permanent insurance to provide a decent bequest to your heirs if you spend every last dollar. In a perfect world, it has a long term care rider to enable you to use it, alternatively, for nursing care. ?? If you can't afford the permanent insurance with an LTC rider, you may choose near-permanent Universal Life. This is a term insurance wrapped around a savings account. HOWEVER, unscrupulous people have oversold it with rosy illustrations that are better than can be expected. Caveat emptor. (Bring your illustration to me for review, if you are a Madrina Molly member.) You want to ensure the illustration shows that it will last at the SAME premium until you are 105. ?? If all else fails, get a $25,000 permanent policy like the kind they sell on TV. If you have enough assets so that you have something to protect, there's no excuse NOT to have life insurance as part of your financial plan. It also makes a great gift for a child or teenager as a piece of THEIR future financial plan. You tell me you want to create generational wealth? ?? This is a tool for that.

I had the pleasure today of keynoting at the #InternationalWomensDay brunch at SUNY Adirondack, sponsored by AAUW Adirondack Branch, Soroptimist of the Adirondacks, and ZONTA CLUB FOUNDATION OF GLENS FALLS NEW YORK INC. I'm delighted to report that we were sold out and, I'm told, turned away late registrants. Thank you for having me. It was an honor. My friends from 100 Women Who Care Northeast New York were there and some of the women I've met through the ARCC. I don't see you often enough and it made me smile. Takeaway: There is no impediment to women growing wealth and stepping into our power. No legal or policy-based prevention. For all practical purposes, we have achieved gender parity if we choose to act accordingly. But if we have wealth and fail use it to flex, that's on us if we don't see the programs and the policies we desire. #RunforSomething I was able to tell the audience about the wonderful new mentors and supporters I've found on LinkedIn this year as well. You are a breath of fresh air. I'll post the video once it's edited. But here's me on my stepstool. (The camera won't see that, of course.) I'm so much taller on Zoom ?? Happy International Women's Day!