December 12, 2025 • 44 mins
Are you a woman over 40 or 50 feeling stressed, behind, or unsure about money, retirement planning, or your financial future? You’re NOT alone — and you’re not stuck. In this episode of Mind Your Midlife, financial advisor Shari Rash joins me to break down money mindset, retirement planning, financial confidence, and the real emotional side of finances for midlife women navigating career changes, aging parents, kids leaving the nest, and the fear of not saving “enough.”
If money makes you anxious — or if you’re ready to feel more empowered, confident, and informed — this episode is for you.
What You’ll Learn:
✔ How money mindset affects financial decisions for midlife women
✔ Why women over 50 often feel behind on retirement planning
✔ Practical steps to build financial confidence in midlife
✔ What women REALLY need to save for retirement (and how to understand it)
✔ How to balance enjoying life now with planning for long-term financial wellness
🎯 OMG Moment:
Your mindset about money matters just as much as your bank balance. When you shift how you feel about money, you transform what becomes possible.
Take Action Today:
- Connect with Shari at gwawealth.com and listen to Everyone's Talkin' Money podcast
- Listen to Shari on OMG Teach Me and learn more about money mindset
- Review your retirement accounts; check whether you're getting your full employer match; start or revisit an emergency fund
- Choose ONE small step to build your financial confidence this week
Why This Episode Matters
Midlife is a powerful turning point. It’s when so many women feel the weight of money stress — from paying for college to caring for aging parents to wondering whether retirement will be possible.
You don’t need perfection — you just need a starting point.
Subscribe to bonus episodes at cherylpfischer.com/bonusepisodes.
🌸 Liked this episode? Share it with fellow Gen X women navigating hormone balance, an empty nest, and/or self-confidence!
🫶 Love this show? Leave a review to help more women over 50 find us.
💡Want menopause support, mindset shifts, or support with midlife transitions?
- Build a mindset for success with the private bonus episodes!
- Book a free Mindset Coaching / Intro Call: cherylpfischer.com/coaching
Let’s talk midlife body positivity, self-talk, and redefining aging for women — without the “midlife crisis” narrative. Every week I'm adding new success strategies for midlife women.
Connect with Cheryl, Midlife Coach: Instagram | LinkedIn | Website
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Cheryl Fischer (00:00):
I am in my mid-50s.
And if you are anywhere aroundthat age range with me, I bet
you we're all thinking, gosh,wouldn't it be nice not to have
to go to work every day?
Maybe retirement could be fun.
Or we're watching people whoare a few years older than us
(00:20):
retire and we're thinking, wait,they're traveling, they're
living at this amazing place,they're doing whatever they
want.
It seems amazing.
And yet, we need to do someplanning to get there, and maybe
we get a little stressed aboutthe money involved.
So let's talk about it.
(00:42):
Welcome to Mind Your Midlife,your go-to resource for
confidence and success, onethought at a time.
Unlike most advice out there,we believe that simply telling
you to believe in yourself orchange your habits isn't enough
to wake up excited about life orfeel truly confident in your
(01:03):
body.
Each week, you'll gainactionable strategies and oh my
goodness, powerful insights tostop feeling stuck and start
loving your midlife.
This is the Mind Your Midlifepodcast.
Now, maybe what I just said isnot at all how you're thinking.
You're thinking, I cannotimagine retiring because I would
(01:25):
be so bored.
What would I do during the day?
Fair, that's fair.
And I think we all want to havemore power over our day-to-day
lives.
We all, to a certain extent,varying extents, like the idea
of being in charge of our ownday.
And that's certainly a piece ofwhat retirement gives us.
(01:48):
So as we look forward, maybe asexcited as me or maybe not, we
have to take into account thatif and when we retire, we need
to be able to afford to eat andlive and maybe travel.
So there comes the money topic.
And my guest today is going totalk with us about some very
(02:13):
practical tips for how to planfor retirement with your money,
different types of accounts thatyou need to be aware of.
And also, we're going to talkabout the mindset piece.
Because if we have kind of aweird relationship with money,
or if this whole thing is justmaking us extremely stressed, we
need to kind of work that outtoo before we're actually in
(02:36):
this retirement time period.
So Sherry Rash from the podcastEveryone's Talkin' Money is
joining me today.
She helps women ditch guilt,own their financial power, and
build real wealth without shameand without all the
spreadsheets.
That podcast I would stronglyrecommend.
(02:58):
It is a New York Times-namedtop four money podcast.
So everyone's talking money,have a listen.
She's also a mom of four, andso she is living what we're
talking about.
Welcome, Sherry.
Shari Rash (03:12):
Thanks for having me.
I'm excited for ourconversation.
Cheryl Fischer (03:15):
I am excited for her conversation for her.
I am excited for ourconversation as well.
And if you're listening, I amalso going to link to an episode
in the show notes when manyeons ago, Sherry joined me on
the OMG Teach Me podcast beforethe current version.
So you can go have a listen tothat as well.
(03:37):
So I know that women having apositive relationship with money
is a powerful topic for you.
So tell us more about whythat's important to you and how
that came about.
Shari Rash (03:53):
Yeah, one, I am a woman when it and I talk money
every day since I you knowgraduated college.
I've been in finance my entirecareer, and it's what I talk
about.
So it only comes, it obviouslycomes very natural to me.
So I know no different of likenot being comfortable with money
and talking about money.
(04:14):
So then as time would go by andI'd speak to other women and um
clients, and it it not everyonefeels the same way I do, which
was interesting, or not everyoneeven has a desire to understand
money.
And I can't go changinganyone's mind.
(04:35):
I'm only one person, but I cantry my best.
Um and but I and I think whypeople women are intimidated is
because they've been hearing aman's language, a man speak
about it forever.
And so by default, when you youwe speak English, you hear
(04:57):
someone speak French, I have noidea what they're saying, and
like I can't pay attention to itbecause I have no idea what
they're saying.
That's the same way with money.
If you're hearing someone speakabout money that just speaks a
different language than you, andmost men do, we're obviously
going to be turned off and notinterested or feel like this
isn't for me, or I'm never gonnaunderstand it.
(05:18):
The problem is though we don'trealize it's a different
language, we just think it's afault of ours.
Cheryl Fischer (05:22):
Ooh.
Ooh, can we just pause on thatfor just a second?
Because that is such a goodpoint.
We blame ourselves and wethink, oh, I just don't get it.
Shari Rash (05:33):
I don't get it.
I'm never gonna get it.
It comes easily to otherpeople, it comes easier to my
spouse or partner, my brother,my father, my uncle.
It comes easier to all of them.
It doesn't come easy to me, soit's a me problem.
And it's not, it's just no onehas spoken to you about money in
a way that connects with you.
(05:55):
Not even in a way that youunderstand, because it's not an
understanding issue.
Um, it's a way, it's aconnection issue.
Cheryl Fischer (06:02):
One of the things that I always think about
also when when talking aboutwomen and money is it's been in
my lifetime since women couldeven have our own credit cards
and our own bank accountswithout a husband or a father's
name.
And when I first learned that,I was shocked, but it was in the
mid-1970s.
(06:22):
And it's crazy to think aboutthat.
Shari Rash (06:26):
It is, it is, it is crazy.
And it's like, well, no wonderwhy we feel behind or we feel
all of these things.
Cause yeah, I mean, fish it'sonly been 50 years.
Like, that's not that long of atime that women have had the
same rights as men when it comesto their money.
(06:46):
So it by default, of course, wefeel like we're behind or we
don't know as much because likewe are in the sense of being
able to do the same things.
And then when it's men talkingat you about money and they're
talking a different language,then that just adds it's like a
(07:08):
you know adds insult to injury,if you will.
Cheryl Fischer (07:12):
Yeah, so true.
I I want to segue us intotalking about retirement, but
I'm so glad we've just had thisdiscussion because it I just
want to say again, you know, ifyou've always thought of if
you're listening, you've alwaysthought of yourself as I don't
get it, I'm not gonnaunderstand, I don't get the
stock market.
What are they talking about?
Maybe it's because you justhaven't heard it explained to
you in a way that makes sense.
(07:33):
I love that angle.
Yeah, I love that angle.
Okay, so let's say that I'mlistening to this and I'm in my
40s, which I'm not, but let'simagine.
And we're gonna start talkingabout things to think about when
(07:53):
we're looking at or towardsretirement.
But if I'm in my mid-40s, I'mnot gonna retire for another 15
to 20 years.
So is that too early to startplanning for retirement?
Or when is kind of the righttime if there is one?
Shari Rash (08:10):
It's like that saying.
Um, and I hate it, but it itmakes complete sense.
What you know, when's the besttime to plant a tree 10 years
ago, 20 years ago, when's thesecond best time today?
Cheryl Fischer (08:21):
Yeah.
Shari Rash (08:21):
That's that's money.
That's money too.
So I have clients that I getintroduced to because I'm
working with their aunt, forexample.
Well, you have to meet myniece.
She's just graduating college.
It's probably too early, butshe's just graduating, and I
want someone to talk to her andlike tell her all the things
(08:43):
like I should have been told,right?
And so I'll I speak to theseyoung adults, and it's like,
yeah, I know it sounds weirdthat you just went through these
four years or however manyyears to get your degree, to
then get a job.
But now, yeah, you we are gonnahave to start thinking about
retirement, which sounds crazy.
(09:04):
Because if you want to makeyour life, your future life as
easy as possible, start doingsomething as early as possible.
Even if that's today, right?
Even if that's today, startdoing something because the the
earlier you start investing, theless you in general have to
(09:25):
save, invest.
Cheryl Fischer (09:27):
Yeah.
Shari Rash (09:27):
Because someone that started saving the the um, you
know, the second they startedworking, 22 years old, started
saving for retirement.
If it was like 25 bucks amonth, 50 bucks a month, that
money is doing nothing butgrowing for 40 years.
And you think, well, it's only25 bucks, it's only 50 bucks.
Yeah, over growth, you know, 7%on average, compounded growth
(09:53):
for 40 years, that 25 bucks isgonna become a substantial
amount of money.
Right.
When you're closer to yourdestination, when you're closer
to retirement, so if you're inyour 40s listening to this and
you're like, well, I haven'tstarted yet, to get to that same
dollar amount at your endpointof retirement, 65 years old, 67,
(10:13):
whatever we're gonna call it,you need to save that much more
because your money doesn't haveas long to work for you.
So it's any amount, so eat sodon't even think like, well,
it's such a little amount, it'snot even gonna make that big of
a difference.
It does.
It does.
So it's always the right timeto start, if you're wondering.
Cheryl Fischer (10:35):
I like that.
I like that.
It's always the right time tostart.
And so when you say save, whatare what are some ways that that
we can do that?
Shari Rash (10:45):
Yeah, so there is a risk of saving quote unquote too
much for retirement or inretirement accounts.
I I fell victim of this.
So when I graduated college, Istarted contributing right away
to my company's 401k.
(11:07):
They're very generous with thematch.
I am very shiny objectsyndrome.
So as soon as money hits mychecking account, it is being
spent.
So I liked the idea of it beingautomated, and then that I was,
and I was getting a match, andthen I liked seeing it grow.
So I got excitement from that.
I got, I got like joy fromthat.
So I started putting more andmore and more money away in my
(11:30):
retirement.
Well, that's great, but well,one, now I really don't have to
save anymore for retirementbecause I've done, I did a good
job in the beginning.
Then now I can just let mymoney grow.
I'm 40.
I can just let my money growfor 25 years and like I'll be in
a in a good position.
But conversely, why that's arisk is that when you put all of
(11:52):
your money in a retirementaccount, which I'll talk about
all the all the differentretirement accounts, when you
put your money in a retirementaccount, it's for retirement.
You can't use it, you can'ttouch it.
Cheryl Fischer (12:02):
True.
Shari Rash (12:03):
Right.
So I at 23 years old, when Ihad, you know, this money in a
retirement account, if I had anemergency, I didn't have enough
cash saved, I was kind of out ofluck.
Because you can't pull thatmoney out without paying a 10%
penalty if you're younger than59 and a half.
Yeah.
So 10%'s a big penalty.
(12:24):
Yeah.
It's a big penalty, plus allthe taxes you have to pay on it
because it was pre-tax money.
So as far as like, I want tostart saving and where should I
save?
Okay, first and foremost, wewant to have enough cash.
We want to have enough in abank account.
That's an emergency fund,right?
(12:45):
So we want to do that first.
And if you say, well, I havedebt, so should I pay off the
debt first, then start saving inmy emergency fund?
No, I want you to do both.
I want you to tag team itbecause if you focus all of your
energy on the debt and then youhave an emergency, you have to
bring on more debt to handle theemergency.
(13:08):
You don't have the cash.
Kind of the theme is like theextremes.
We don't want to go extreme inany one direction, right?
We will we want to, you know,stay, stay down the middle.
So we want to make sure youhave enough cash saved in a bank
account, you know, emergencyfund.
Then if it's like, okay, well,Sherry, I did that, like check
(13:29):
that box.
Awesome.
Now, if we want to save forretirement, there's a couple of
different ways to do it.
If your employer offers anemployer-sponsored plan, 401k,
403B, contribute to that up tothe match.
That's the match is free money.
They're giving you money justfor contributing.
So we're doing that.
(13:51):
Okay.
Then there's also in the themeof retirement, there's also
IRAs, individual retirementaccounts.
So these are accounts you openup on your own outside of your
employer.
You do it yourself.
And you can do it at like aFidelity and e-trade, Schwab,
(14:11):
companies like that.
You can open up these accountsfor yourself.
And the IRA is um pre-tax,meaning you get a tax deduction
for contributing to it and itgrows without paying taxes.
And then when you make thewithdrawal, you pay taxes.
Cheryl Fischer (14:27):
Right.
Shari Rash (14:27):
So you pay taxes when you when you withdraw in
retirement.
The Roth is what my favoritething is: the Roth IRA.
Or if and if your employeroffers a Roth 401k, that's like
that's that's awesome.
That's great.
Cheryl Fischer (14:41):
I feel like everyone's heard this term Roth
and no one knows what it is.
So I'm glad you're talkingabout it.
Shari Rash (14:46):
Yeah.
So a Roth is um, it's aretirement account.
You contribute to the Roth withafter tax dollars.
So money that hits yourchecking account, you've already
paid taxes on it.
You contribute to the Roth, andthe Roth then grows tax
deferred, meaning you're notpaying taxes on any of the
(15:06):
earnings.
But here's the best part youmake the withdrawals in
retirement and you don't paytaxes on them.
Wow.
So you essentially pay taxesonce and never pay taxes again
on this money.
Assuming you follow, I have toassuming you follow the rules of
it, but say we wait tillretirement, you're never paying
the taxes again.
Um, that's very powerful.
(15:29):
So 23-year-old Sherry that wassetting aside money in her Roth
401k, future Sherry's gonna bevery happy with her because then
I'm gonna have a nice pile ofRoth money that I'm not gonna
have to pay taxes on.
Right.
So we want to do things thatlike our future selves are gonna
(15:49):
be happy with us for, right?
How much how much are we gonnaappreciate that?
Cheryl Fischer (15:53):
And also, to your point, hopefully not
causing 23-year-old Sherry tohave to go into credit card debt
because you didn't have enoughmoney to live on because it was
all going in the Roth IRA.
That's right.
That's right.
Yes, yes, okay, exactly.
Okay, but yes, I get certainlythe concept that if we're taking
(16:14):
the money after tax now, sowe've paid taxes on this part of
our income, and then we'renever paying taxes on it again.
So we're earning money andwe're not paying taxes on the
money we earn.
That's amazing.
Shari Rash (16:25):
Yeah, it's great, it's fantastic.
So there's and there's reallyno catch.
Like you you have just have tofollow the rules of the Roth.
So once you put it away, youjust have to think to yourself,
I'm not using this until Iretire.
You can you can withdraw yourcontributions tax-free.
Like you, so you can do that,but even still, let's just like
(16:47):
forget about it.
Let's we're gonna have enoughmoney saved in the emergency
fund and all of that stuff thatwe're not even gonna need to
access it.
Cheryl Fischer (16:55):
Right.
Shari Rash (16:56):
There are some income limitations to the Roth.
If you make too much money, youcan't contribute directly to
the Roth.
There are ways around it.
I don't want to get too deep inthe weeds.
Yeah, that's okay.
Um but so but don't, but evenif you say, well, you know, I
read if you if I make so muchtoo much money, I can't do it.
(17:17):
You you can.
It's just a convert a backdoorRoth is what it's called.
It's easy to do.
It sounds more complicated thanwhat it is.
But that would be the best wayif if to start, in my opinion,
to start saving for retirementis one, if you're if you have an
employer sponsor plan,contribute up to the match, get
(17:37):
all that free money you can.
Don't feel the need to go overand above that match amount, um,
then let's look at the Roth.
Cheryl Fischer (17:46):
Okay.
Shari Rash (17:47):
Then that would be the next step.
Cheryl Fischer (17:49):
Okay.
Shari Rash (17:49):
If you then are like, all right, I'm going up to
the match, like as far as likeorder of operations go, we're
making sure we have enough cashin the bank, we're then
contributing to our match, we'rethen doing the Roth and
contributing there and maxingthat out, um, which based on
your age, you could do seven oreight thousand dollars a year.
Then if you're like, well, if Istill have money, I still want
(18:11):
to do more, I can do more.
I'm ready, I'm saving, I'm I'mready to, you know, be nice to
my future self, then you couldlook at, you know, then going
back to your 401k and increasingyour contribution there, or
saving in what's called like anafter tax account.
And this is money for futureyou, but like not retirement
future you.
(18:31):
Like this is, I want to go on areally awesome vacation in
three years you, I want to do ahome renovation.
That's uh the next type ofaccount you could save for,
which is called um uh uh you seea couple different names:
brokerage account, individualaccount, after tax account.
They all have there's differentnames, but they all mean the
(18:52):
same thing.
Cheryl Fischer (18:53):
Yeah, very good point because we know we need
money for retirement.
We're probably working with ouraging parents now and hoping
they have enough money and allof that stuff.
So we know we need that, but wealso might need money in our
50s or whatever, or want, noteven need, want.
Yeah, good point.
(19:13):
I like I like that you've saida couple times that we need to
make sure we have money on handbecause when we get to talking
about this retirement topic, Ithink it sort of feels like, no,
don't spend anything now, putit all away for later.
But that's not realistic.
Shari Rash (20:04):
It's not realistic.
And also we want to be real, weneed rewards, right?
We need to feel like we'redoing something, we need to feel
like we're achieving something.
Um, so to put everything awayinto retirement, you're not
doing anything to help yourselftoday, right?
So after a while that's gonnaget exhausting, and then you're
gonna start resenting yoursavings.
Right.
(20:24):
And yeah, life is for living.
I and I I say that with all ofmy clients like you, you, you,
you work hard, you need to enjoyyourself.
There ever there's there's it'sthe extreme.
Extremes on either side are notgood, right?
The oversaving is not good, andthen but then the undersaving
is not good.
So we need to not fall into theextremes and you need and and
(20:45):
but planning for different timesof your life.
Retirement is only one part ofyour life.
Your midlife is another part,and you need to plan for that
financially as well.
Yeah, I like that a lot.
Cheryl Fischer (20:59):
Okay, so I'm gonna ask you the question that
personally weighs on my mind alot.
And my husband and I talk aboutthis a lot.
And so, given that probably ifyou're listening, you're in your
40s, 50s, 60s.
Here's the big question (21:12):
how much do we need to retire?
Oh I'm aware you can't justgive us a number, but I still am
asking the question.
Okay, what does your husbandsay?
I think he is he doesn't givereally an answer except that
(21:33):
let's make sure we have as muchas we can, you know, like we're
we're not sure.
Shari Rash (21:38):
Yeah.
So when my clients, I just Ijust had a meeting with one of
my clients the other day, andshe's like, I read this article
that you need like three milliondollars to retire.
She's like, What do you thinkabout that?
I said, I said, I hate, I hatethat stuff.
I hate that because it's it'sclickbait, it's just trying to
get a reaction out of us, right?
(21:59):
So the answer is there is notan answer.
Like I cannot say you need amillion dollars to retire
because I everyone, what theyeveryone's spending is
different, everyone's income isdifferent, everyone's needs are
different.
There's so many factors to toto look at.
(22:19):
So when I'm working with withmy clients and we're, you know,
we're having these retirementconversations, which I'm having
at least five years out.
So it's not as if my clientsare retiring next year and we're
starting planning then.
No, I know I want five yearsbecause that's when I start to
make changes to their portfolio.
(22:40):
Because a mistake people make,and I'm I'm gonna take a detour
for a second.
A mistake people make is theythink, well, I'm nearing
retirement or I'm I am inretirement.
I can't afford to lose anymoney.
So I'm I need to make myportfolio conservative.
I need to be conservative, likemove everything to cash.
Cheryl Fischer (22:58):
Yeah.
Shari Rash (22:58):
That's a mistake because yeah, part of the
thinking is correct.
Remember the extremes.
Part of the thinking iscorrect.
Yes, you don't want to have amarket downturn blow up your
plan, right?
That is correct.
But then the other side ofthat, so, so, so putting it all
in cash makes sense to addressthat risk.
But then you're leavingyourself wide open to another
(23:20):
risk, inflation.
Stuff just costs more.
So, especially healthcare costsin retirement, right?
So if you're putting everythingin cash, and yeah, we were
getting decent rates for a whileon our cash, but that's not
happening as much anymore.
So now that coupled withinflation, you're now losing
(23:41):
money.
Your money has less purchasingpower each year.
So sticking it all in cashisn't the answer.
But then leaving it wide opento volatility isn't the answer,
right?
So what is?
It's a little bit of everythingbecause you also want your
money to grow.
Because if we do it right,we're living 25, 30 years into
(24:01):
retirement.
Absolutely.
So we need this money to growfor all of these years.
So just because you're inretirement does not mean your
you your money stops growing.
It has to grow because we needit to last 30 years.
So that's just like a quickaside on like some of the
investing mistakes people make.
So the answer is a little bitof everything.
You still need a portion ofyour portfolio to be aggressive,
(24:23):
because it has a 30-year timehorizon.
You still need a portion ofyour portfolio to be down the
middle because to smooth outsome of that volatility, then
you still need a portion of yourportfolio to be conservative.
And so that's what I do with myclients is I start putting
their money into silos becausethe e the each silo has a
different purpose.
But how much money do you need?
(24:44):
So when I'm working with myclients and we'll talk about
this, I never talk about a lumpsum.
It's what do we need year byyear?
So the first thing is, how muchdo you think you're going to
need in retirement?
And the answer is not, well,whatever my income was.
Because when you're when you'reincome, you're likely saving a
(25:07):
good portion of that.
It's a good portion, right?
Yeah.
So we're no longer saving whenwe're in retirement.
We are not actively saving.
We may have extra money leftover that we stick away, but
we're not actively saving.
So right there, that changeshow much we need in retirement.
Cheryl Fischer (25:23):
Good point.
Shari Rash (25:24):
Is your house going to be paid off by then?
Are you going to get a secondhome, right?
So could you have more housingexpenses?
All of this stuff.
So, how much do we think we'regoing to need in retirement?
And that's what we that's ourthat's that's the starting off
point.
Because how can I tell you howmuch you need if I don't even
know how much you need untileach year?
(25:46):
Right.
It depends where you live, howyou're gonna live, what you're
gonna do.
Yes, absolutely.
Exactly.
Exactly.
And then what you want to lookat is anything guaranteed coming
into you.
So Social Security, forexample, is yeah, yeah, is it a
is it a mess of a program?
(26:07):
It is, but it's still here andit's still giving money, right?
Um, so how much are we going toget from Social Security?
That then it is that then thengoes to the need, the amount you
need.
So let's just say you need$100,000 a year in income.
Okay.
Now Social Security is givingus $60,000.
(26:28):
That then leaves $40,000 aslike the the gap.
Cheryl Fischer (26:32):
Right.
Shari Rash (26:33):
So that's what, assuming there's no other
pensions or annuities oranything like that, now there's
a gap of $40,000.
And that's where your savingscomes in to supplement.
Cheryl Fischer (26:43):
Right.
Okay.
Shari Rash (26:44):
So some people could have a gigantic gap, some
people could have a minusculegap.
It's funny, the the woman thatasked me about the $3 million,
she has Social Security, herpension, her husband's pension,
and annuity.
She has so much guaranteedincome that I'm like, you don't
even need to come close to, youknow, having that $3 million
(27:06):
number saved that they, youknow, that you clicked on the
article, because you have somany other guaranteed sources of
income that your investmentsare a tiny role in it.
Yeah.
So that's why so that, so thenif you, okay, so then if we
really want to go and take, say,okay, it's 40,000 is my
difference, and that's what Iwould need my investments, then
(27:28):
you know, 40,000 times 25 years,7% inflation, like, or if we
want to look at that, yeah, thenwe can work backwards to a
number of what you need.
But sometimes that number wouldalso do more harm than good.
Um, it may be overwhelming orseem unrealistic.
Um, so I like looking at ityear by year and making sure
(27:48):
that you have enough to coveryou year by year in retirement.
Cheryl Fischer (27:53):
And to your point, if we can make sure that
that money is still makingmoney, then it's not as if we
decide to retire and here is theone number, the amount that we
have, and we better stretch it.
It could grow.
Shari Rash (28:08):
In in a perfect world, when my clients are
making withdrawals, theirinvestments are earning that
right back.
Like that's perfect.
Like, if like that if thathappens, like yes, that this was
a great year for us becauseyou're exactly where you
started, even after taking allof these withdrawals all year.
Cheryl Fischer (28:31):
Yeah, yeah, that's a great point.
It's it kind of relieves someof the stress, I feel like,
thinking about all I'm gonna dois draw down my money now.
Yeah.
So another thing that I end upchatting with my friends about
all the time that's sort ofrelated to this, is we see
people who decide to retireearly.
I'm doing air quotes.
This could be any range ofages, but let's say, you know,
(28:55):
59, 60, 61, they're not gettingtheir social security yet.
And we're thinking, how in theworld are they doing that?
So I'm curious if you have anythoughts about that.
I know you can't say how didthat person do it, but these are
not people, I don't think, whoare, you know, million and
(29:16):
billionaires.
I don't know.
Shari Rash (29:17):
It's interesting though.
That is interesting.
I mean, retirement is verydifferent today than what it was
even 10 years ago.
Um, COVID has changed a lot ofthat, has changed that for us
because now working virtuallyand and and all of that.
Um, so retirement, I haveclients that are retiring early,
(29:37):
but they're doing somethingelse.
They're, you know, starting towork for themselves or even
they're still working for thesame employer but part-time to
hold on to benefits or somethinglike that.
So I am seeing a lot of workingstill in retirement.
It's more just like a lifechange than retiring, but we
don't have any other good wordsfor it.
So we just call it retiring.
(29:58):
But how could someone like soif you so like how could someone
retire at, you know, in theirlate 50s, early 60s, not be on
Social Security and it's stilllike work for them?
So, you know, it could be thatthey are um that they do have
some guaranteed sources ofincome coming into them.
They do have a pension.
(30:19):
Um, that that would be a bigone.
If they're younger than 59 anda half, they cannot access their
retirement accounts at allwithout IRAs without the
penalty, right?
So that would lead me tobelieve that they're not using
that money.
I would hope they're not usingthat money.
So that means that then theyhave a lot of that after tax
(30:40):
money saved to bridge that gap.
Cheryl Fischer (30:43):
Okay.
Shari Rash (30:43):
They could have their house paid off.
Like that could have been theirfocus of we're just getting rid
of the house payment.
That's gonna be our focus.
And so then we can lean livemore leanly, more leaner, and
and and not have the mortgagecome retirement.
Cheryl Fischer (31:00):
Right.
Shari Rash (31:00):
You know, no debt on the car, no, no car payments,
no debt.
When you don't have those bigbills, you don't need as much
money.
Um so that I mean, just thatthose are kind of my initial
thoughts when I hear scenarioslike that.
They they could have, you know,received an inheritance, their
parents could have passed away,left them a little bit of money.
(31:22):
Even if you're left money,retirement money as a
beneficiary, a non-spousebeneficiary, if it's retirement
money, you have to liquidate itwithin 10 years.
Oh.
Yeah.
So for example, if if you wereto receive $100,000 in in your
mom's retirement account and shepasses away, you have to have
(31:42):
it down to zero after 10 years.
The the guidelines aren't clearon do I take 10% a year or can
I take as much as I theguidelines aren't really clear
on that, but that could beanother scenario.
Like, well, I have to withdrawthis money anyway.
I have to pay the taxes.
Uh, maybe, maybe I do retireand then maybe figure it out in
(32:03):
10 years or in a couple ofyears.
But it gives this gives me thebreathing room to be able to do
something like that.
Cheryl Fischer (32:09):
Yeah, that's a good point.
I mean, obviously not somethingthat's happy and and good news,
but certainly does happenregularly.
Yeah.
Interesting.
Let's bring it back around tomindset for a second because you
said something to me when wewere chatting before about the
fact that there's also a lot ofmental shifts that we have to
(32:31):
make when we're close toretirement, when we retire.
And so I want to talk a littlebit about that because right now
at my age, I'm kind of like,wow, that would be amazing.
But it's years ahead, right?
So I don't really have to thinkabout it.
But what are some of thosemental shifts that that will
come about or that we need tomaybe handle properly?
Shari Rash (32:53):
Yeah, what I have come up with my clients when
they retire or they're thinkingabout retiring is oh, this like
this sounds good.
I want to do it.
But then when they really startthinking about it, they that's
when they start to get coldfeet.
And it's not necessarily umthat they don't want to, they
(33:13):
really want to, but they realizelike this has been my who I am
for so many years.
This is my identity.
Maybe the kids are in collegenow or they're adults and
they're doing their their ownthing.
So it's like, okay, I don'thave that anymore.
I have my job, or like youdon't have kids.
My so my job was my main focus.
I mean, that was that was myidentity.
I haven't had that shift.
(33:34):
So now I'm losing a big part ofit.
Some people are concerned aboutthe routine or lack there of a
routine of what am I gonna doevery day.
A lot of people are scaredabout just switching from
someone paying you, especiallyif you were never really active
in your finances.
You never had to think aboutyour paycheck.
You just had to work to earnit.
That's all the thinking you youdid.
(33:55):
And then it appeared, and thatwas great.
Then you have to switch fromwait, I now have to pay me
versus someone else paying me.
And that's really scary for alot of women because we weren't
that active in our finances tobegin with.
And now not only do I have toparticipate more in it, but now
it's I'm responsible for itlasting for the rest of my life.
(34:16):
And that's really scary.
Oh, it's just easier if I work.
I'll just keep on working andput that off.
So I see that happen and someconcerns.
So there is a huge mindsetshift.
And just like it takes me fiveyears, like I want my client to
give me a five year heads upwhen they're preparing for
retirement.
You need to do the mental workas well.
(34:39):
You know, we're only gonnaenjoy it's you know, it's
sleeping in till 11 o'clock isnice, but not for not every day,
right?
For the rest of our lives.
So we're gonna enjoy it for alittle bit, but then that's it.
So, what can you do to make iteasier for you?
Finding out how are you gonnafill your days?
So, what are the causes youlike?
What clubs are you going tojoin?
(35:00):
My, I have a girlfriend and I,and we're like, we're gonna kill
it in retirement because we'realready doing the book clubs,
the mahjong, like we volunteerevery we're we're, you know,
we're on the PTA, so we're gonnahave to find a new PTA, or
maybe we'll be like the grandmason the PTA.
I'm like, but we are going tokill it.
Like, we know what we're gonnado in retirement.
Cheryl Fischer (35:21):
I do the mahjong as well.
Shari Rash (35:23):
I knit.
I'm like, I got all the stuff.
Yes, yes.
But you have to find thingsyou're passionate about and
things that you're gonna fill upyour days with and gives you a
purpose though, too.
Um, gives you a purpose and andstarting to get involved in
that now instead of waitinguntil you're in retirement.
Because then it's like it's it'slike the first day of school,
(35:45):
like all over again when you'rein retirement.
All right, I'm retired.
Now I need to go make friendson top of it and do all of these
things.
So make the friends now, startdoing that stuff now.
Um and and if and if money ispart of the concern, you know,
really trying to understand it.
And that doesn't meanunderstanding how it's invested
(36:05):
and all of that stuff.
Like I'm not talking likestocks, bonds, all of that, but
knowing where it is, what is itdoing?
How is it is it how is it setup to achieve your goals?
If you work with a financialadvisor, like having those
conversations with them.
And if you're not getting fromthem that, find someone else.
(36:27):
Like just because you meet oneadvisor means you only met one
advisor.
Like you could go to theadvisor right next door and have
a completely differentexperience.
So if you're not getting whatyou need from if you have a
financial professional thatyou're working with, find
someone new.
And I would then I wouldrecommend if you're not working
with anyone, you have thesequestions, you're like, I don't
(36:48):
even know where to start.
Find someone you like and juststart having these
conversations.
And like they're not bad,they're they're they're not bad
conversations.
They're not bad questions,they're not silly questions.
These are essential questions.
So you should get thosequestions answered so you can
move into this next phase withconfidence.
Cheryl Fischer (37:08):
Yeah.
And and I would add to that,even this is gonna seem like
such a silly thing, but this iswhat my husband and I have been
going through is where thepension information from the job
from 10 years ago is because wequalified for a little bit.
Like, how do we even log in?
You know, the the login even isa thing for sure to work on.
Shari Rash (37:33):
Because more and more companies are not sending
paper.
So you can't just wait for thepaper statement.
Oh, well, I'll find out whereit is when I get the paper
statement.
More and more companies are notsending paper anymore.
So then it's buried in anemail.
So definitely organizing,figuring out everything you have
during that like five-yearrunway is super important.
Cheryl Fischer (37:55):
Yeah.
And maybe that gives us uh fromthe mindset perspective, maybe
it gives us a little bit ofpeace, knowing that okay, like I
have this account and I havethat account, and then there'll
be social security.
And okay, like let me take abreath and not panic.
Hopefully that's the caseanyway.
(38:16):
Yeah.
Shari Rash (38:17):
Yeah.
Cheryl Fischer (38:17):
Yeah.
Shari Rash (38:18):
And you know, you unless for some you can't really
mess you, we you it can getmessed up, but you can't really
mess it up that bad.
Like, say you retire and you'relike, oh, I'm concerned about
the money or the money, it's itthere's an issue.
Like, there are ways to makemoney, right?
And just it's and then it'sjust a lifestyle change.
It's you're now workingpart-time, you're doing
(38:41):
something part-time.
Like, unless you're physicallyunable to work, like you can
always go back to work and feela little bit more confident, or
maybe take a little bit ofpressure off of your investments
to fill in that gap.
So nothing is really everpermanent when it comes to
money.
We can always fix it, makechanges.
It's not set in stone.
Cheryl Fischer (39:01):
Great point.
I always joke that someday I'mgonna work at the bookstore
that's near my house because Ijust think it would be awesome
to work at a bookstore.
So, yeah, you can do whateveryou decide to do.
Absolutely.
I like that.
That's maybe a good place tostart to wrap up what we've been
talking about.
This has been so useful for me,so I know it will be for
(39:21):
everybody listening.
If they are wanting to find outmore about what you do, tell
tell us where we can find you,connect with you, tell us again
about your podcast and all ofthat.
Shari Rash (39:33):
Yep.
Um, so my financial planningfirm is called GWA Wealth.
So you can go to GWAwealth.comto learn about how I work with
my clients and my contact infoand all of that good stuff
there.
My podcast is called Everyone'sTalking Money, T-A-L-K-I-N.
And there I put out twoepisodes a week.
(39:54):
Some are solo, some areinterview episodes, where we
just try to get around the gunkof our money, the gunk and the
junk.
We're clearing it away becausewe need to have a healthy
relationship with money in orderto really feel confident.
And it's so important for womento feel good about it.
There was a survey that wentout that, you know, there's a
(40:17):
94% chance that a woman is goingto be the sole financial
decision maker in her lifetime,whether it comes from never
getting married, widowhood, uhso there's a very good chance it
is all going to be on you oneday.
So When that moment comes, it'sso much better to be somewhat
(40:38):
prepared and have some knowledgeversus going through the
emotional turbulence of a lifetransition, a death of a spouse
or partner, then having it allon you.
So have some awareness now.
And again, we're not trying to,you know, you don't need to
watch CNBC and see what thefutures are doing.
I never want, I never want thatfor anyone because that's just
(40:59):
way too boring.
But having knowing a little bitabout what's going on is super
important.
So everyone's talking money isis my podcast, and I have
consistent, consistent newepisodes there.
Cheryl Fischer (41:11):
And you know, circling back to what we were
talking about at the beginning,I love that you are a woman and
there is a woman's voice that wecan listen to about money.
That's excellent.
Thank you.
Okay, so my last question foryou is let's say somebody's walk
uh walking the dog, washing thedishes, doing the laundry while
they're listening to this andthey can't remember everything.
What is the one thing that youreally want somebody listening
(41:35):
to take away from this?
Shari Rash (41:36):
When under to understand how you feel about
money.
So if I were to say to you,when I say the word money, what
comes to mind?
And if it's like stress, gross,yuck, I don't like it, that
just helps you to see whereyou're starting from.
You're not wrong, it's yourfeeling, but that just see shows
(41:58):
us where you are.
So wherever you are, meetyourself there.
Don't beat yourself up overanything.
And then just take that andjust be open, more open.
I love that.
Cheryl Fischer (42:10):
It's so important, and there's often so
much hidden stuff back in therethat we are associating with
money that it's nice if we cankind of clear out that rubbish.
Yeah.
Agreed.
Well, Sherry, thank you so muchfor joining me.
This has been a greatconversation.
Thank you.
Thanks for having me.
I wish I could claim that Itold Sherry ahead of time, make
(42:30):
sure that your one importantthing has to do with mindset.
But no, listener, I did notplant that in the audience.
She said that because it'simportant.
Your relationship with money,your mental and emotional
relationship with money ispowerful.
(42:52):
So if she said that and you gotlike a cringe, as she pointed
out, that doesn't make you a badperson.
It doesn't mean anything judgyabout you.
It just means that that's yourstarting point.
And maybe we can dive intowhere we can go from there to
(43:12):
create a better association withmoney.
And I will link a podcastepisode about that in the show
notes so that you can startthere.
There is also a book by JenSincero called You Are a Badass
with Money that I would highlyrecommend.
Lots of places that we can goto start changing that.
(43:33):
And coaching is another thing.
Go to Cherylpfisher.com/slashcoaching, set up a call with me.
We can talk about whethercoaching would be helpful for
you in that situation.
Now, wherever you are listeningto this episode, if you would
tap the five stars for a rating,that would be amazing.
It tells the podcast apps toshare Mind Your Midlife with
(43:56):
more people.
And if you are listening onApple, right there where you tap
the five stars, you can alsogive a review.
And believe it or not, youwriting a sentence or two about
what you think about thispodcast is even more powerful in
helping other people findMindYour Midlife.
Thank you so much for doingthat.
(44:18):
And keep remembering, midlifeis your time to take just a
little bit better care ofyourself.
On the outside and the inside.
Just a little bit more caremakes a huge difference.
I am in my mid-50s.
And if you are anywhere aroundthat age range with me, I bet
you we're all thinking, gosh,wouldn't it be nice not to have
to go to work every day?
Maybe retirement could be fun.
Or we're watching people whoare a few years older than us
(00:20):
retire and we're thinking, wait,they're traveling, they're
living at this amazing place,they're doing whatever they
want.
It seems amazing.
And yet, we need to do someplanning to get there, and maybe
we get a little stressed aboutthe money involved.
So let's talk about it.
(00:42):
Welcome to Mind Your Midlife,your go-to resource for
confidence and success, onethought at a time.
Unlike most advice out there,we believe that simply telling
you to believe in yourself orchange your habits isn't enough
to wake up excited about life orfeel truly confident in your
(01:03):
body.
Each week, you'll gainactionable strategies and oh my
goodness, powerful insights tostop feeling stuck and start
loving your midlife.
This is the Mind Your Midlifepodcast.
Now, maybe what I just said isnot at all how you're thinking.
You're thinking, I cannotimagine retiring because I would
(01:25):
be so bored.
What would I do during the day?
Fair, that's fair.
And I think we all want to havemore power over our day-to-day
lives.
We all, to a certain extent,varying extents, like the idea
of being in charge of our ownday.
And that's certainly a piece ofwhat retirement gives us.
(01:48):
So as we look forward, maybe asexcited as me or maybe not, we
have to take into account thatif and when we retire, we need
to be able to afford to eat andlive and maybe travel.
So there comes the money topic.
And my guest today is going totalk with us about some very
(02:13):
practical tips for how to planfor retirement with your money,
different types of accounts thatyou need to be aware of.
And also, we're going to talkabout the mindset piece.
Because if we have kind of aweird relationship with money,
or if this whole thing is justmaking us extremely stressed, we
need to kind of work that outtoo before we're actually in
(02:36):
this retirement time period.
So Sherry Rash from the podcastEveryone's Talkin' Money is
joining me today.
She helps women ditch guilt,own their financial power, and
build real wealth without shameand without all the
spreadsheets.
That podcast I would stronglyrecommend.
(02:58):
It is a New York Times-namedtop four money podcast.
So everyone's talking money,have a listen.
She's also a mom of four, andso she is living what we're
talking about.
Welcome, Sherry.
Shari Rash (03:12):
Thanks for having me.
I'm excited for ourconversation.
Cheryl Fischer (03:15):
I am excited for her conversation for her.
I am excited for ourconversation as well.
And if you're listening, I amalso going to link to an episode
in the show notes when manyeons ago, Sherry joined me on
the OMG Teach Me podcast beforethe current version.
So you can go have a listen tothat as well.
(03:37):
So I know that women having apositive relationship with money
is a powerful topic for you.
So tell us more about whythat's important to you and how
that came about.
Shari Rash (03:53):
Yeah, one, I am a woman when it and I talk money
every day since I you knowgraduated college.
I've been in finance my entirecareer, and it's what I talk
about.
So it only comes, it obviouslycomes very natural to me.
So I know no different of likenot being comfortable with money
and talking about money.
(04:14):
So then as time would go by andI'd speak to other women and um
clients, and it it not everyonefeels the same way I do, which
was interesting, or not everyoneeven has a desire to understand
money.
And I can't go changinganyone's mind.
(04:35):
I'm only one person, but I cantry my best.
Um and but I and I think whypeople women are intimidated is
because they've been hearing aman's language, a man speak
about it forever.
And so by default, when you youwe speak English, you hear
(04:57):
someone speak French, I have noidea what they're saying, and
like I can't pay attention to itbecause I have no idea what
they're saying.
That's the same way with money.
If you're hearing someone speakabout money that just speaks a
different language than you, andmost men do, we're obviously
going to be turned off and notinterested or feel like this
isn't for me, or I'm never gonnaunderstand it.
(05:18):
The problem is though we don'trealize it's a different
language, we just think it's afault of ours.
Cheryl Fischer (05:22):
Ooh.
Ooh, can we just pause on thatfor just a second?
Because that is such a goodpoint.
We blame ourselves and wethink, oh, I just don't get it.
Shari Rash (05:33):
I don't get it.
I'm never gonna get it.
It comes easily to otherpeople, it comes easier to my
spouse or partner, my brother,my father, my uncle.
It comes easier to all of them.
It doesn't come easy to me, soit's a me problem.
And it's not, it's just no onehas spoken to you about money in
a way that connects with you.
(05:55):
Not even in a way that youunderstand, because it's not an
understanding issue.
Um, it's a way, it's aconnection issue.
Cheryl Fischer (06:02):
One of the things that I always think about
also when when talking aboutwomen and money is it's been in
my lifetime since women couldeven have our own credit cards
and our own bank accountswithout a husband or a father's
name.
And when I first learned that,I was shocked, but it was in the
mid-1970s.
(06:22):
And it's crazy to think aboutthat.
Shari Rash (06:26):
It is, it is, it is crazy.
And it's like, well, no wonderwhy we feel behind or we feel
all of these things.
Cause yeah, I mean, fish it'sonly been 50 years.
Like, that's not that long of atime that women have had the
same rights as men when it comesto their money.
(06:46):
So it by default, of course, wefeel like we're behind or we
don't know as much because likewe are in the sense of being
able to do the same things.
And then when it's men talkingat you about money and they're
talking a different language,then that just adds it's like a
(07:08):
you know adds insult to injury,if you will.
Cheryl Fischer (07:12):
Yeah, so true.
I I want to segue us intotalking about retirement, but
I'm so glad we've just had thisdiscussion because it I just
want to say again, you know, ifyou've always thought of if
you're listening, you've alwaysthought of yourself as I don't
get it, I'm not gonnaunderstand, I don't get the
stock market.
What are they talking about?
Maybe it's because you justhaven't heard it explained to
you in a way that makes sense.
(07:33):
I love that angle.
Yeah, I love that angle.
Okay, so let's say that I'mlistening to this and I'm in my
40s, which I'm not, but let'simagine.
And we're gonna start talkingabout things to think about when
(07:53):
we're looking at or towardsretirement.
But if I'm in my mid-40s, I'mnot gonna retire for another 15
to 20 years.
So is that too early to startplanning for retirement?
Or when is kind of the righttime if there is one?
Shari Rash (08:10):
It's like that saying.
Um, and I hate it, but it itmakes complete sense.
What you know, when's the besttime to plant a tree 10 years
ago, 20 years ago, when's thesecond best time today?
Cheryl Fischer (08:21):
Yeah.
Shari Rash (08:21):
That's that's money.
That's money too.
So I have clients that I getintroduced to because I'm
working with their aunt, forexample.
Well, you have to meet myniece.
She's just graduating college.
It's probably too early, butshe's just graduating, and I
want someone to talk to her andlike tell her all the things
(08:43):
like I should have been told,right?
And so I'll I speak to theseyoung adults, and it's like,
yeah, I know it sounds weirdthat you just went through these
four years or however manyyears to get your degree, to
then get a job.
But now, yeah, you we are gonnahave to start thinking about
retirement, which sounds crazy.
(09:04):
Because if you want to makeyour life, your future life as
easy as possible, start doingsomething as early as possible.
Even if that's today, right?
Even if that's today, startdoing something because the the
earlier you start investing, theless you in general have to
(09:25):
save, invest.
Cheryl Fischer (09:27):
Yeah.
Shari Rash (09:27):
Because someone that started saving the the um, you
know, the second they startedworking, 22 years old, started
saving for retirement.
If it was like 25 bucks amonth, 50 bucks a month, that
money is doing nothing butgrowing for 40 years.
And you think, well, it's only25 bucks, it's only 50 bucks.
Yeah, over growth, you know, 7%on average, compounded growth
(09:53):
for 40 years, that 25 bucks isgonna become a substantial
amount of money.
Right.
When you're closer to yourdestination, when you're closer
to retirement, so if you're inyour 40s listening to this and
you're like, well, I haven'tstarted yet, to get to that same
dollar amount at your endpointof retirement, 65 years old, 67,
(10:13):
whatever we're gonna call it,you need to save that much more
because your money doesn't haveas long to work for you.
So it's any amount, so eat sodon't even think like, well,
it's such a little amount, it'snot even gonna make that big of
a difference.
It does.
It does.
So it's always the right timeto start, if you're wondering.
Cheryl Fischer (10:35):
I like that.
I like that.
It's always the right time tostart.
And so when you say save, whatare what are some ways that that
we can do that?
Shari Rash (10:45):
Yeah, so there is a risk of saving quote unquote too
much for retirement or inretirement accounts.
I I fell victim of this.
So when I graduated college, Istarted contributing right away
to my company's 401k.
(11:07):
They're very generous with thematch.
I am very shiny objectsyndrome.
So as soon as money hits mychecking account, it is being
spent.
So I liked the idea of it beingautomated, and then that I was,
and I was getting a match, andthen I liked seeing it grow.
So I got excitement from that.
I got, I got like joy fromthat.
So I started putting more andmore and more money away in my
(11:30):
retirement.
Well, that's great, but well,one, now I really don't have to
save anymore for retirementbecause I've done, I did a good
job in the beginning.
Then now I can just let mymoney grow.
I'm 40.
I can just let my money growfor 25 years and like I'll be in
a in a good position.
But conversely, why that's arisk is that when you put all of
(11:52):
your money in a retirementaccount, which I'll talk about
all the all the differentretirement accounts, when you
put your money in a retirementaccount, it's for retirement.
You can't use it, you can'ttouch it.
Cheryl Fischer (12:02):
True.
Shari Rash (12:03):
Right.
So I at 23 years old, when Ihad, you know, this money in a
retirement account, if I had anemergency, I didn't have enough
cash saved, I was kind of out ofluck.
Because you can't pull thatmoney out without paying a 10%
penalty if you're younger than59 and a half.
Yeah.
So 10%'s a big penalty.
(12:24):
Yeah.
It's a big penalty, plus allthe taxes you have to pay on it
because it was pre-tax money.
So as far as like, I want tostart saving and where should I
save?
Okay, first and foremost, wewant to have enough cash.
We want to have enough in abank account.
That's an emergency fund,right?
(12:45):
So we want to do that first.
And if you say, well, I havedebt, so should I pay off the
debt first, then start saving inmy emergency fund?
No, I want you to do both.
I want you to tag team itbecause if you focus all of your
energy on the debt and then youhave an emergency, you have to
bring on more debt to handle theemergency.
(13:08):
You don't have the cash.
Kind of the theme is like theextremes.
We don't want to go extreme inany one direction, right?
We will we want to, you know,stay, stay down the middle.
So we want to make sure youhave enough cash saved in a bank
account, you know, emergencyfund.
Then if it's like, okay, well,Sherry, I did that, like check
(13:29):
that box.
Awesome.
Now, if we want to save forretirement, there's a couple of
different ways to do it.
If your employer offers anemployer-sponsored plan, 401k,
403B, contribute to that up tothe match.
That's the match is free money.
They're giving you money justfor contributing.
So we're doing that.
(13:51):
Okay.
Then there's also in the themeof retirement, there's also
IRAs, individual retirementaccounts.
So these are accounts you openup on your own outside of your
employer.
You do it yourself.
And you can do it at like aFidelity and e-trade, Schwab,
(14:11):
companies like that.
You can open up these accountsfor yourself.
And the IRA is um pre-tax,meaning you get a tax deduction
for contributing to it and itgrows without paying taxes.
And then when you make thewithdrawal, you pay taxes.
Cheryl Fischer (14:27):
Right.
Shari Rash (14:27):
So you pay taxes when you when you withdraw in
retirement.
The Roth is what my favoritething is: the Roth IRA.
Or if and if your employeroffers a Roth 401k, that's like
that's that's awesome.
That's great.
Cheryl Fischer (14:41):
I feel like everyone's heard this term Roth
and no one knows what it is.
So I'm glad you're talkingabout it.
Shari Rash (14:46):
Yeah.
So a Roth is um, it's aretirement account.
You contribute to the Roth withafter tax dollars.
So money that hits yourchecking account, you've already
paid taxes on it.
You contribute to the Roth, andthe Roth then grows tax
deferred, meaning you're notpaying taxes on any of the
(15:06):
earnings.
But here's the best part youmake the withdrawals in
retirement and you don't paytaxes on them.
Wow.
So you essentially pay taxesonce and never pay taxes again
on this money.
Assuming you follow, I have toassuming you follow the rules of
it, but say we wait tillretirement, you're never paying
the taxes again.
Um, that's very powerful.
(15:29):
So 23-year-old Sherry that wassetting aside money in her Roth
401k, future Sherry's gonna bevery happy with her because then
I'm gonna have a nice pile ofRoth money that I'm not gonna
have to pay taxes on.
Right.
So we want to do things thatlike our future selves are gonna
(15:49):
be happy with us for, right?
How much how much are we gonnaappreciate that?
Cheryl Fischer (15:53):
And also, to your point, hopefully not
causing 23-year-old Sherry tohave to go into credit card debt
because you didn't have enoughmoney to live on because it was
all going in the Roth IRA.
That's right.
That's right.
Yes, yes, okay, exactly.
Okay, but yes, I get certainlythe concept that if we're taking
(16:14):
the money after tax now, sowe've paid taxes on this part of
our income, and then we'renever paying taxes on it again.
So we're earning money andwe're not paying taxes on the
money we earn.
That's amazing.
Shari Rash (16:25):
Yeah, it's great, it's fantastic.
So there's and there's reallyno catch.
Like you you have just have tofollow the rules of the Roth.
So once you put it away, youjust have to think to yourself,
I'm not using this until Iretire.
You can you can withdraw yourcontributions tax-free.
Like you, so you can do that,but even still, let's just like
(16:47):
forget about it.
Let's we're gonna have enoughmoney saved in the emergency
fund and all of that stuff thatwe're not even gonna need to
access it.
Cheryl Fischer (16:55):
Right.
Shari Rash (16:56):
There are some income limitations to the Roth.
If you make too much money, youcan't contribute directly to
the Roth.
There are ways around it.
I don't want to get too deep inthe weeds.
Yeah, that's okay.
Um but so but don't, but evenif you say, well, you know, I
read if you if I make so muchtoo much money, I can't do it.
(17:17):
You you can.
It's just a convert a backdoorRoth is what it's called.
It's easy to do.
It sounds more complicated thanwhat it is.
But that would be the best wayif if to start, in my opinion,
to start saving for retirementis one, if you're if you have an
employer sponsor plan,contribute up to the match, get
(17:37):
all that free money you can.
Don't feel the need to go overand above that match amount, um,
then let's look at the Roth.
Cheryl Fischer (17:46):
Okay.
Shari Rash (17:47):
Then that would be the next step.
Cheryl Fischer (17:49):
Okay.
Shari Rash (17:49):
If you then are like, all right, I'm going up to
the match, like as far as likeorder of operations go, we're
making sure we have enough cashin the bank, we're then
contributing to our match, we'rethen doing the Roth and
contributing there and maxingthat out, um, which based on
your age, you could do seven oreight thousand dollars a year.
Then if you're like, well, if Istill have money, I still want
(18:11):
to do more, I can do more.
I'm ready, I'm saving, I'm I'mready to, you know, be nice to
my future self, then you couldlook at, you know, then going
back to your 401k and increasingyour contribution there, or
saving in what's called like anafter tax account.
And this is money for futureyou, but like not retirement
future you.
(18:31):
Like this is, I want to go on areally awesome vacation in
three years you, I want to do ahome renovation.
That's uh the next type ofaccount you could save for,
which is called um uh uh you seea couple different names:
brokerage account, individualaccount, after tax account.
They all have there's differentnames, but they all mean the
(18:52):
same thing.
Cheryl Fischer (18:53):
Yeah, very good point because we know we need
money for retirement.
We're probably working with ouraging parents now and hoping
they have enough money and allof that stuff.
So we know we need that, but wealso might need money in our
50s or whatever, or want, noteven need, want.
Yeah, good point.
(19:13):
I like I like that you've saida couple times that we need to
make sure we have money on handbecause when we get to talking
about this retirement topic, Ithink it sort of feels like, no,
don't spend anything now, putit all away for later.
But that's not realistic.
Shari Rash (20:04):
It's not realistic.
And also we want to be real, weneed rewards, right?
We need to feel like we'redoing something, we need to feel
like we're achieving something.
Um, so to put everything awayinto retirement, you're not
doing anything to help yourselftoday, right?
So after a while that's gonnaget exhausting, and then you're
gonna start resenting yoursavings.
Right.
(20:24):
And yeah, life is for living.
I and I I say that with all ofmy clients like you, you, you,
you work hard, you need to enjoyyourself.
There ever there's there's it'sthe extreme.
Extremes on either side are notgood, right?
The oversaving is not good, andthen but then the undersaving
is not good.
So we need to not fall into theextremes and you need and and
(20:45):
but planning for different timesof your life.
Retirement is only one part ofyour life.
Your midlife is another part,and you need to plan for that
financially as well.
Yeah, I like that a lot.
Cheryl Fischer (20:59):
Okay, so I'm gonna ask you the question that
personally weighs on my mind alot.
And my husband and I talk aboutthis a lot.
And so, given that probably ifyou're listening, you're in your
40s, 50s, 60s.
Here's the big question (21:12):
how much do we need to retire?
Oh I'm aware you can't justgive us a number, but I still am
asking the question.
Okay, what does your husbandsay?
I think he is he doesn't givereally an answer except that
(21:33):
let's make sure we have as muchas we can, you know, like we're
we're not sure.
Shari Rash (21:38):
Yeah.
So when my clients, I just Ijust had a meeting with one of
my clients the other day, andshe's like, I read this article
that you need like three milliondollars to retire.
She's like, What do you thinkabout that?
I said, I said, I hate, I hatethat stuff.
I hate that because it's it'sclickbait, it's just trying to
get a reaction out of us, right?
(21:59):
So the answer is there is notan answer.
Like I cannot say you need amillion dollars to retire
because I everyone, what theyeveryone's spending is
different, everyone's income isdifferent, everyone's needs are
different.
There's so many factors to toto look at.
(22:19):
So when I'm working with withmy clients and we're, you know,
we're having these retirementconversations, which I'm having
at least five years out.
So it's not as if my clientsare retiring next year and we're
starting planning then.
No, I know I want five yearsbecause that's when I start to
make changes to their portfolio.
(22:40):
Because a mistake people make,and I'm I'm gonna take a detour
for a second.
A mistake people make is theythink, well, I'm nearing
retirement or I'm I am inretirement.
I can't afford to lose anymoney.
So I'm I need to make myportfolio conservative.
I need to be conservative, likemove everything to cash.
Cheryl Fischer (22:58):
Yeah.
Shari Rash (22:58):
That's a mistake because yeah, part of the
thinking is correct.
Remember the extremes.
Part of the thinking iscorrect.
Yes, you don't want to have amarket downturn blow up your
plan, right?
That is correct.
But then the other side ofthat, so, so, so putting it all
in cash makes sense to addressthat risk.
But then you're leavingyourself wide open to another
(23:20):
risk, inflation.
Stuff just costs more.
So, especially healthcare costsin retirement, right?
So if you're putting everythingin cash, and yeah, we were
getting decent rates for a whileon our cash, but that's not
happening as much anymore.
So now that coupled withinflation, you're now losing
(23:41):
money.
Your money has less purchasingpower each year.
So sticking it all in cashisn't the answer.
But then leaving it wide opento volatility isn't the answer,
right?
So what is?
It's a little bit of everythingbecause you also want your
money to grow.
Because if we do it right,we're living 25, 30 years into
(24:01):
retirement.
Absolutely.
So we need this money to growfor all of these years.
So just because you're inretirement does not mean your
you your money stops growing.
It has to grow because we needit to last 30 years.
So that's just like a quickaside on like some of the
investing mistakes people make.
So the answer is a little bitof everything.
You still need a portion ofyour portfolio to be aggressive,
(24:23):
because it has a 30-year timehorizon.
You still need a portion ofyour portfolio to be down the
middle because to smooth outsome of that volatility, then
you still need a portion of yourportfolio to be conservative.
And so that's what I do with myclients is I start putting
their money into silos becausethe e the each silo has a
different purpose.
But how much money do you need?
(24:44):
So when I'm working with myclients and we'll talk about
this, I never talk about a lumpsum.
It's what do we need year byyear?
So the first thing is, how muchdo you think you're going to
need in retirement?
And the answer is not, well,whatever my income was.
Because when you're when you'reincome, you're likely saving a
(25:07):
good portion of that.
It's a good portion, right?
Yeah.
So we're no longer saving whenwe're in retirement.
We are not actively saving.
We may have extra money leftover that we stick away, but
we're not actively saving.
So right there, that changeshow much we need in retirement.
Cheryl Fischer (25:23):
Good point.
Shari Rash (25:24):
Is your house going to be paid off by then?
Are you going to get a secondhome, right?
So could you have more housingexpenses?
All of this stuff.
So, how much do we think we'regoing to need in retirement?
And that's what we that's ourthat's that's the starting off
point.
Because how can I tell you howmuch you need if I don't even
know how much you need untileach year?
(25:46):
Right.
It depends where you live, howyou're gonna live, what you're
gonna do.
Yes, absolutely.
Exactly.
Exactly.
And then what you want to lookat is anything guaranteed coming
into you.
So Social Security, forexample, is yeah, yeah, is it a
is it a mess of a program?
(26:07):
It is, but it's still here andit's still giving money, right?
Um, so how much are we going toget from Social Security?
That then it is that then thengoes to the need, the amount you
need.
So let's just say you need$100,000 a year in income.
Okay.
Now Social Security is givingus $60,000.
(26:28):
That then leaves $40,000 aslike the the gap.
Cheryl Fischer (26:32):
Right.
Shari Rash (26:33):
So that's what, assuming there's no other
pensions or annuities oranything like that, now there's
a gap of $40,000.
And that's where your savingscomes in to supplement.
Cheryl Fischer (26:43):
Right.
Okay.
Shari Rash (26:44):
So some people could have a gigantic gap, some
people could have a minusculegap.
It's funny, the the woman thatasked me about the $3 million,
she has Social Security, herpension, her husband's pension,
and annuity.
She has so much guaranteedincome that I'm like, you don't
even need to come close to, youknow, having that $3 million
(27:06):
number saved that they, youknow, that you clicked on the
article, because you have somany other guaranteed sources of
income that your investmentsare a tiny role in it.
Yeah.
So that's why so that, so thenif you, okay, so then if we
really want to go and take, say,okay, it's 40,000 is my
difference, and that's what Iwould need my investments, then
(27:28):
you know, 40,000 times 25 years,7% inflation, like, or if we
want to look at that, yeah, thenwe can work backwards to a
number of what you need.
But sometimes that number wouldalso do more harm than good.
Um, it may be overwhelming orseem unrealistic.
Um, so I like looking at ityear by year and making sure
(27:48):
that you have enough to coveryou year by year in retirement.
Cheryl Fischer (27:53):
And to your point, if we can make sure that
that money is still makingmoney, then it's not as if we
decide to retire and here is theone number, the amount that we
have, and we better stretch it.
It could grow.
Shari Rash (28:08):
In in a perfect world, when my clients are
making withdrawals, theirinvestments are earning that
right back.
Like that's perfect.
Like, if like that if thathappens, like yes, that this was
a great year for us becauseyou're exactly where you
started, even after taking allof these withdrawals all year.
Cheryl Fischer (28:31):
Yeah, yeah, that's a great point.
It's it kind of relieves someof the stress, I feel like,
thinking about all I'm gonna dois draw down my money now.
Yeah.
So another thing that I end upchatting with my friends about
all the time that's sort ofrelated to this, is we see
people who decide to retireearly.
I'm doing air quotes.
This could be any range ofages, but let's say, you know,
(28:55):
59, 60, 61, they're not gettingtheir social security yet.
And we're thinking, how in theworld are they doing that?
So I'm curious if you have anythoughts about that.
I know you can't say how didthat person do it, but these are
not people, I don't think, whoare, you know, million and
(29:16):
billionaires.
I don't know.
Shari Rash (29:17):
It's interesting though.
That is interesting.
I mean, retirement is verydifferent today than what it was
even 10 years ago.
Um, COVID has changed a lot ofthat, has changed that for us
because now working virtuallyand and and all of that.
Um, so retirement, I haveclients that are retiring early,
(29:37):
but they're doing somethingelse.
They're, you know, starting towork for themselves or even
they're still working for thesame employer but part-time to
hold on to benefits or somethinglike that.
So I am seeing a lot of workingstill in retirement.
It's more just like a lifechange than retiring, but we
don't have any other good wordsfor it.
So we just call it retiring.
(29:58):
But how could someone like soif you so like how could someone
retire at, you know, in theirlate 50s, early 60s, not be on
Social Security and it's stilllike work for them?
So, you know, it could be thatthey are um that they do have
some guaranteed sources ofincome coming into them.
They do have a pension.
(30:19):
Um, that that would be a bigone.
If they're younger than 59 anda half, they cannot access their
retirement accounts at allwithout IRAs without the
penalty, right?
So that would lead me tobelieve that they're not using
that money.
I would hope they're not usingthat money.
So that means that then theyhave a lot of that after tax
(30:40):
money saved to bridge that gap.
Cheryl Fischer (30:43):
Okay.
Shari Rash (30:43):
They could have their house paid off.
Like that could have been theirfocus of we're just getting rid
of the house payment.
That's gonna be our focus.
And so then we can lean livemore leanly, more leaner, and
and and not have the mortgagecome retirement.
Cheryl Fischer (31:00):
Right.
Shari Rash (31:00):
You know, no debt on the car, no, no car payments,
no debt.
When you don't have those bigbills, you don't need as much
money.
Um so that I mean, just thatthose are kind of my initial
thoughts when I hear scenarioslike that.
They they could have, you know,received an inheritance, their
parents could have passed away,left them a little bit of money.
(31:22):
Even if you're left money,retirement money as a
beneficiary, a non-spousebeneficiary, if it's retirement
money, you have to liquidate itwithin 10 years.
Oh.
Yeah.
So for example, if if you wereto receive $100,000 in in your
mom's retirement account and shepasses away, you have to have
(31:42):
it down to zero after 10 years.
The the guidelines aren't clearon do I take 10% a year or can
I take as much as I theguidelines aren't really clear
on that, but that could beanother scenario.
Like, well, I have to withdrawthis money anyway.
I have to pay the taxes.
Uh, maybe, maybe I do retireand then maybe figure it out in
(32:03):
10 years or in a couple ofyears.
But it gives this gives me thebreathing room to be able to do
something like that.
Cheryl Fischer (32:09):
Yeah, that's a good point.
I mean, obviously not somethingthat's happy and and good news,
but certainly does happenregularly.
Yeah.
Interesting.
Let's bring it back around tomindset for a second because you
said something to me when wewere chatting before about the
fact that there's also a lot ofmental shifts that we have to
(32:31):
make when we're close toretirement, when we retire.
And so I want to talk a littlebit about that because right now
at my age, I'm kind of like,wow, that would be amazing.
But it's years ahead, right?
So I don't really have to thinkabout it.
But what are some of thosemental shifts that that will
come about or that we need tomaybe handle properly?
Shari Rash (32:53):
Yeah, what I have come up with my clients when
they retire or they're thinkingabout retiring is oh, this like
this sounds good.
I want to do it.
But then when they really startthinking about it, they that's
when they start to get coldfeet.
And it's not necessarily umthat they don't want to, they
(33:13):
really want to, but they realizelike this has been my who I am
for so many years.
This is my identity.
Maybe the kids are in collegenow or they're adults and
they're doing their their ownthing.
So it's like, okay, I don'thave that anymore.
I have my job, or like youdon't have kids.
My so my job was my main focus.
I mean, that was that was myidentity.
I haven't had that shift.
(33:34):
So now I'm losing a big part ofit.
Some people are concerned aboutthe routine or lack there of a
routine of what am I gonna doevery day.
A lot of people are scaredabout just switching from
someone paying you, especiallyif you were never really active
in your finances.
You never had to think aboutyour paycheck.
You just had to work to earnit.
That's all the thinking you youdid.
(33:55):
And then it appeared, and thatwas great.
Then you have to switch fromwait, I now have to pay me
versus someone else paying me.
And that's really scary for alot of women because we weren't
that active in our finances tobegin with.
And now not only do I have toparticipate more in it, but now
it's I'm responsible for itlasting for the rest of my life.
(34:16):
And that's really scary.
Oh, it's just easier if I work.
I'll just keep on working andput that off.
So I see that happen and someconcerns.
So there is a huge mindsetshift.
And just like it takes me fiveyears, like I want my client to
give me a five year heads upwhen they're preparing for
retirement.
You need to do the mental workas well.
(34:39):
You know, we're only gonnaenjoy it's you know, it's
sleeping in till 11 o'clock isnice, but not for not every day,
right?
For the rest of our lives.
So we're gonna enjoy it for alittle bit, but then that's it.
So, what can you do to make iteasier for you?
Finding out how are you gonnafill your days?
So, what are the causes youlike?
What clubs are you going tojoin?
(35:00):
My, I have a girlfriend and I,and we're like, we're gonna kill
it in retirement because we'realready doing the book clubs,
the mahjong, like we volunteerevery we're we're, you know,
we're on the PTA, so we're gonnahave to find a new PTA, or
maybe we'll be like the grandmason the PTA.
I'm like, but we are going tokill it.
Like, we know what we're gonnado in retirement.
Cheryl Fischer (35:21):
I do the mahjong as well.
Shari Rash (35:23):
I knit.
I'm like, I got all the stuff.
Yes, yes.
But you have to find thingsyou're passionate about and
things that you're gonna fill upyour days with and gives you a
purpose though, too.
Um, gives you a purpose and andstarting to get involved in
that now instead of waitinguntil you're in retirement.
Because then it's like it's it'slike the first day of school,
(35:45):
like all over again when you'rein retirement.
All right, I'm retired.
Now I need to go make friendson top of it and do all of these
things.
So make the friends now, startdoing that stuff now.
Um and and if and if money ispart of the concern, you know,
really trying to understand it.
And that doesn't meanunderstanding how it's invested
(36:05):
and all of that stuff.
Like I'm not talking likestocks, bonds, all of that, but
knowing where it is, what is itdoing?
How is it is it how is it setup to achieve your goals?
If you work with a financialadvisor, like having those
conversations with them.
And if you're not getting fromthem that, find someone else.
(36:27):
Like just because you meet oneadvisor means you only met one
advisor.
Like you could go to theadvisor right next door and have
a completely differentexperience.
So if you're not getting whatyou need from if you have a
financial professional thatyou're working with, find
someone new.
And I would then I wouldrecommend if you're not working
with anyone, you have thesequestions, you're like, I don't
(36:48):
even know where to start.
Find someone you like and juststart having these
conversations.
And like they're not bad,they're they're they're not bad
conversations.
They're not bad questions,they're not silly questions.
These are essential questions.
So you should get thosequestions answered so you can
move into this next phase withconfidence.
Cheryl Fischer (37:08):
Yeah.
And and I would add to that,even this is gonna seem like
such a silly thing, but this iswhat my husband and I have been
going through is where thepension information from the job
from 10 years ago is because wequalified for a little bit.
Like, how do we even log in?
You know, the the login even isa thing for sure to work on.
Shari Rash (37:33):
Because more and more companies are not sending
paper.
So you can't just wait for thepaper statement.
Oh, well, I'll find out whereit is when I get the paper
statement.
More and more companies are notsending paper anymore.
So then it's buried in anemail.
So definitely organizing,figuring out everything you have
during that like five-yearrunway is super important.
Cheryl Fischer (37:55):
Yeah.
And maybe that gives us uh fromthe mindset perspective, maybe
it gives us a little bit ofpeace, knowing that okay, like I
have this account and I havethat account, and then there'll
be social security.
And okay, like let me take abreath and not panic.
Hopefully that's the caseanyway.
(38:16):
Yeah.
Shari Rash (38:17):
Yeah.
Cheryl Fischer (38:17):
Yeah.
Shari Rash (38:18):
And you know, you unless for some you can't really
mess you, we you it can getmessed up, but you can't really
mess it up that bad.
Like, say you retire and you'relike, oh, I'm concerned about
the money or the money, it's itthere's an issue.
Like, there are ways to makemoney, right?
And just it's and then it'sjust a lifestyle change.
It's you're now workingpart-time, you're doing
(38:41):
something part-time.
Like, unless you're physicallyunable to work, like you can
always go back to work and feela little bit more confident, or
maybe take a little bit ofpressure off of your investments
to fill in that gap.
So nothing is really everpermanent when it comes to
money.
We can always fix it, makechanges.
It's not set in stone.
Cheryl Fischer (39:01):
Great point.
I always joke that someday I'mgonna work at the bookstore
that's near my house because Ijust think it would be awesome
to work at a bookstore.
So, yeah, you can do whateveryou decide to do.
Absolutely.
I like that.
That's maybe a good place tostart to wrap up what we've been
talking about.
This has been so useful for me,so I know it will be for
(39:21):
everybody listening.
If they are wanting to find outmore about what you do, tell
tell us where we can find you,connect with you, tell us again
about your podcast and all ofthat.
Shari Rash (39:33):
Yep.
Um, so my financial planningfirm is called GWA Wealth.
So you can go to GWAwealth.comto learn about how I work with
my clients and my contact infoand all of that good stuff
there.
My podcast is called Everyone'sTalking Money, T-A-L-K-I-N.
And there I put out twoepisodes a week.
(39:54):
Some are solo, some areinterview episodes, where we
just try to get around the gunkof our money, the gunk and the
junk.
We're clearing it away becausewe need to have a healthy
relationship with money in orderto really feel confident.
And it's so important for womento feel good about it.
There was a survey that wentout that, you know, there's a
(40:17):
94% chance that a woman is goingto be the sole financial
decision maker in her lifetime,whether it comes from never
getting married, widowhood, uhso there's a very good chance it
is all going to be on you oneday.
So When that moment comes, it'sso much better to be somewhat
(40:38):
prepared and have some knowledgeversus going through the
emotional turbulence of a lifetransition, a death of a spouse
or partner, then having it allon you.
So have some awareness now.
And again, we're not trying to,you know, you don't need to
watch CNBC and see what thefutures are doing.
I never want, I never want thatfor anyone because that's just
(40:59):
way too boring.
But having knowing a little bitabout what's going on is super
important.
So everyone's talking money isis my podcast, and I have
consistent, consistent newepisodes there.
Cheryl Fischer (41:11):
And you know, circling back to what we were
talking about at the beginning,I love that you are a woman and
there is a woman's voice that wecan listen to about money.
That's excellent.
Thank you.
Okay, so my last question foryou is let's say somebody's walk
uh walking the dog, washing thedishes, doing the laundry while
they're listening to this andthey can't remember everything.
What is the one thing that youreally want somebody listening
(41:35):
to take away from this?
Shari Rash (41:36):
When under to understand how you feel about
money.
So if I were to say to you,when I say the word money, what
comes to mind?
And if it's like stress, gross,yuck, I don't like it, that
just helps you to see whereyou're starting from.
You're not wrong, it's yourfeeling, but that just see shows
(41:58):
us where you are.
So wherever you are, meetyourself there.
Don't beat yourself up overanything.
And then just take that andjust be open, more open.
I love that.
Cheryl Fischer (42:10):
It's so important, and there's often so
much hidden stuff back in therethat we are associating with
money that it's nice if we cankind of clear out that rubbish.
Yeah.
Agreed.
Well, Sherry, thank you so muchfor joining me.
This has been a greatconversation.
Thank you.
Thanks for having me.
I wish I could claim that Itold Sherry ahead of time, make
(42:30):
sure that your one importantthing has to do with mindset.
But no, listener, I did notplant that in the audience.
She said that because it'simportant.
Your relationship with money,your mental and emotional
relationship with money ispowerful.
(42:52):
So if she said that and you gotlike a cringe, as she pointed
out, that doesn't make you a badperson.
It doesn't mean anything judgyabout you.
It just means that that's yourstarting point.
And maybe we can dive intowhere we can go from there to
(43:12):
create a better association withmoney.
And I will link a podcastepisode about that in the show
notes so that you can startthere.
There is also a book by JenSincero called You Are a Badass
with Money that I would highlyrecommend.
Lots of places that we can goto start changing that.
(43:33):
And coaching is another thing.
Go to Cherylpfisher.com/slashcoaching, set up a call with me.
We can talk about whethercoaching would be helpful for
you in that situation.
Now, wherever you are listeningto this episode, if you would
tap the five stars for a rating,that would be amazing.
It tells the podcast apps toshare Mind Your Midlife with
(43:56):
more people.
And if you are listening onApple, right there where you tap
the five stars, you can alsogive a review.
And believe it or not, youwriting a sentence or two about
what you think about thispodcast is even more powerful in
helping other people findMindYour Midlife.
Thank you so much for doingthat.
(44:18):
And keep remembering, midlifeis your time to take just a
little bit better care ofyourself.
On the outside and the inside.
Just a little bit more caremakes a huge difference.
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