How Women Can Take Control of Their Money with Lauri Kibby 💰🏡

Episode Transcript
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Jenni (00:00):
Welcome to the manifestation and money podcast, Laurie.

(00:01):
That's lovely. That's empowering. And looking over your bio here, your career spans multiple industries. You've got the real estate, you've got fashion, you've got biomed. So , what is the driving force behind your diverse career path?
, you loved real estate, but how do you approach your overall wealth building? You're a female. You like empowering females. And what does that look like for you?
, I have my standard portfolio, , which is, , inclusive of your stocks and bonds and, , sits with Schwab and I have a, now I have a wealth advisor cause I don't have the time to actually manage it though I did manage it myself for many years. But then I invest in businesses that I believe are, good ideas on the hopes that, , there's a unicorn in there or at least a successful exit with some of them.
, what does it mean to be a limited partner in something? What does it mean to have a business versus being an investor? , defining your values, hopefully, , you do grow your wealth aligned with your values. I've made some major mistakes where I. Didn't align with my values and I really paid the price for that.
, that I really broke my own rules., when I met the person, his values about his family and how he talked about his family didn't align with mine should have been number one indicator but his returns, which were so great that even though down deep I knew they were unrealistic. My greed took over, if you might say, or FOMO possibly.
Yeah, thank you for sharing that, , like you said, you've worked through the shame part, because a lot of people, when we do make an investment mistake like that, we want to duck and hide, right, because there is shame around it, but to own it and to learn the lesson from it and to be able to move forward, that, to me, sounds really empowering, the way that it has played out for you.
Sometimes there's just some fortunate things happen. Sometimes people are really great salespeople and we don't do our due diligence or we don't think it through. Or sometimes we do, and it's still investing is risky. So you have to assess your risk. You have to assess that risk compared to what you want to invest.

Lauri (00:08):
Really trusting themselves that they are able to take on that responsibility. I talked to a lot of women. Many women say, I'm sorry. , I need to speak with my husband, which is not a big issue, but they,, Abdicate is probably a little bit of a strong word, but they don't feel they have the confidence to do it on their own, even though it is their money and even though they earned it.
So being financially educated. Feeling confident in being able to make decisions or at least have the conversations to be partners with whoever is advising you in making those decisions and thinking long term about what legacies you want to leave with what you have is very important. I also think separating what's an investor from a job.
, if you want to be in real estate and you don't want it to be, , a signature for you.
That's another way to be in real estate. , so there, there are different avenues for being there, real estate funds, there's REITs. And then of course, you can also own your own portfolio. And work in that if you want. And I suppose you could, if you get large enough, have a portfolio that somebody else manages, but you're still managing that portfolio through someone else.
There's these cycles in real estate. So if you want to be in real estate, I think first understanding the different asset classes within real estate is important and then how they operate and what the cycles are.
, our whole fund is the value add that we look for centers that we can add some value. They're generally triple net leases, so they're a very moderately risked portfolio of asset. , and our whole goal is to consolidate them, as I said, and exit to a larger fund., Where we can produce what we consider outsized returns for that class.
With the exit strategy of bundling them together, which I think is, neat, because you hear, you, I hear, about real estate getting bought up by bigger corporations now, even like single family homes and stuff and apartment buildings and stuff are getting bought up and then put into the REITs or whatever, and it's just fascinating, I know the power of real estate and how much it has created a safe, secure net worth for my family and that the big guys are able to step in and buying up the individual houses, but now it makes total sense. They are buying them up as a big package deal, right? So they have a massive amount and somebody's managing that.
It may change, there may be another different opportunity, but for us and in visualizing and putting this together, our exit strategy was Is that to a larger bank? That's our thought, because it has become an asset class that people are paying attention to. If you really look around, strip centers are everywhere.
I think the biggest, boldest question is what legacy am I leaving? I don't think we as women think about our legacies. We think about leaving our family in good condition, , our children well taken care of, , but we don't think about the legacies like in a big way. I don't think we need to make gigantic impacts in the world, but having a big legacy that makes an impact within our world, whatever that might be.
I love that. That's a really expansive answer and I love expansive questions and answers. So keeping down this track, I got another one for you because if you go back and give your younger self one piece of financial or business advice, what would it be?
It's very different from how I do it, which I think is fabulous in our partnership. So I think, , I probably should have taken a job for a year, Out of school, but I think a bigger is that one of what would have built more wealth for me would have been to hold on to all my homes.

Jenni (00:19):
Yeah. Well, , that is valid because I feel like there are such lessons in that because you don't necessarily ever see the path moving forward. You can hold your goals and they're pulling you forward. But looking back, that's where I'm like, I feel like we have a clearer picture when we can look back on our journey and be like, ah, that would have moved the needle that much faster if I would have done that or in your case, not done that.
But how do you think we can facilitate that faster?
If it didn't work for you, how you would change them. If it did work for you, how you would use that to contribute to the future. That I think is what it trust is, , in yourself, which allows you to then trust the environment because you know how you are within it. If we're looking out there for it to be responsible, I don't think you can get to that place.

Lauri (00:22):
And you're, you're just more powerful in the world when you are willing to stand. Responsibly in where you are. It's amazing how the world reacts to you too. You know what I mean? Like it just gives you so much more power in the world. So yeah. My own experience. Not always easy. Not always easy. Certainly not in this environment.

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