Minda Harts: Use Your Voice to Inspire Change

At PepTalkHer, we’re on a mission to empower YOU to know your worth and understand your value in the workplace. And what better way to start than asking our favorite women in business?

We spoke to Minda Harts, CEO of The Memo LLC, Professor of Public Service at NYU Wagner, and the author of The Memo: What Women of Color Need to Know to Secure a Seat at the Table.

Minda and I had the pleasure of meeting via Twitter (lol, so modern of us!) We followed each other years ago and it’s been such a pleasure to see her star rise and especially to see the success of her new book, THE MEMO. Her work is so transformational - you’ll be seeing a LOT more of Minda, so watch this space!

Meggie: Minda, I’m so excited to sit down and chat with you! Firstly, how would you describe yourself in one sentence?

Minda: A catalyst to make the workplace more equitable for women of color.

Meggie: That equity certainly can’t come soon enough. How did you get to where you are today?

Minda: I realized the workplace wasn't working for everyone and I wanted to be part of that change. At first, I was waiting on someone else to do it and realized I could use my voice and advocacy to inspire change. I couldn't wait any longer - It's time for more equitable workplaces.

Meggie: Coming to a point where you realized this was your life’s work, you must have had plenty of memorable experiences, could you tell us about a day at work you'll never forget?

“I deserved dignity and respect, and decided to choose myself.”

— Minda Harts

Minda: It was the day where I knew that I could no longer work in my current workplace. I was tired of surviving and not feeling like I belonged or was able to thrive. My manager was being unbearable and I finally chose myself and quit. I felt a sense of freedom that I wish I could bottle up and taste for the rest of my life. I deserved dignity and respect and decided to choose myself.

Meggie: You’ve grown a huge presence online and it’s grown even bigger since the release of THE MEMO your fab book. What’s your advice on growing a personal brand?

Minda: Always stay authentic to who you are. We need you, not a replication of someone else.

Meggie: YES! I couldn’t agree more. There is so much power in people’s own authentic story. So love your advice specially around negotiation - how do you prepare for negotiation conversations around salaries, promotions, and pay rises? What advice can you give the PepTalkHer audience?

Minda: I believe in role-playing various scenarios so that nothing shakes me during the negotiation. Being prepared has always served me well, no matter the outcome.

“Always stay authentic to who you are. We need you, not a replication of someone else.”

— Minda Harts

Meggie: Great advice! We talk a LOT about the power of preparation in our 5 Day Challenge actually, so super aligned there. To finish off, are you reading or listening to anything at the moment that’s giving you pause?

Minda: ‘Recalculating’ by Lindsey Pollak. She gives advice on shifting your mindset, setting goals, building your network, and getting the job that you want.

Meggie: Minda, thank you so much for chatting to us! So excited for your next book launch as well. Follow Minda on Instagram at @mindaharts and check out her book THE MEMO here - it’s super powerful, I highly recommend it - My copy is dog eared and highlighted throughout!

“Being prepared has always served me well, no matter the outcome.”

— Minda Harts

If you’re also keen to learn how to use Your Voice to Inspire Change like Minda does - I’d love you to join our Free 5 Day Career Challenge. Our SUCCESS SPRINT starts in a few weeks - sign up below to join!

How to Reinvent Your Career

At PepTalkHer, we’re on a mission to empower YOU to know your worth and understand your value in the workplace. And what better way to start than asking our favorite women in business?

We sat down with Georgie Lewis, the TV presenter, and journalist.

I worked with Georgie back when I was a journalist (in my former life!) Starting in a television newsroom is SCARY (it was for me anyway!) When I first started out, I loved people and stories but honestly the world of TV was a mystery to me - I was a tomboy & didn’t know how to do my hair or makeup. I was frankly intimidated by the journalists in the newsroom. Luckily for me, Georige was one of several people who took me under their wing.

She’s one of the most resilient and kind women I know. I’m SO delighted to bring you her words of wisdom today.

Meggie: Georgie, so excited to chat with you today. We go WAY back, scarily, 16+ years which makes me feel SUPER old! For people reading who may not be as familiar with your work - how would you describe yourself in one sentence?

Georgie: I’m a former television newsreader reinventing my career at 46.

Meggie: And how did you get to where you are today?

Georgie: I did the hard yards as a young journalist, worked in the regions before landing a metro job in Brisbane, Australia in 1999.

My career progressed to the full-time anchor of a statewide 5 pm news bulletin at Network 10. I was made redundant after 21 years with the station in 2020. Now is a time of reinvention for me - Diversifying my skill set and tackling new challenges.

“Now is a time of reinvention for me - Diversifying my skill set and tackling new challenges.”

— Georgie Lewis

Meggie: What an amazing career! Can you tell us about a day at work you'll never forget?

Georgie: The 2011 Brisbane floods. No one could predict the enormity of this weather event nor the death and destruction that would follow.

Meggie: You have a huge presence in Australia, especially in Queensland. What’s your advice on growing a personal brand?

Georgie: Know your worth. Believe in yourself and be the best promoter of your abilities - let’s face it no one knows you better than yourself!

Meggie: Speaking of promoting your abilities, how do you prepare for negotiation conversations around salary and promotions?

Georgie: I’ll say it again - know your worth. Be very clear on what you can offer, prove how you can bring growth or change to an organization, and know your skillset so you can sell yourself. Always bring other negotiable options to the table.

Georgie Lewis and Meggie Palmer back in their Channel Ten journalism days

Meggie: Who taught you the most about knowing your value in the workplace? We'd love to know their advice too!

Georgie: My former boss. She always encouraged self-belief, knowing your worth, and building on your strengths and weaknesses. Watching her nurture young journalists to give them the confidence to be the best they could be was inspiring.

“Be very clear on what you can offer, prove how you can bring growth or change to an organisation and know your skill set so you can sell yourself.”

— Georgie Lewis

Meggie: It’s incredible the impact one boss can have on your career right? I feel the same way about some of the amazing female bosses I had throughout my career (one of whom we both worked under!) Finally, are you reading or listening to anything at the moment?

Georgie: I’ve been reading The Mindful Day by Laurie J. Cameron. And listening to Claiming your Confidence podcast. It’s great!

Meggie: Georgie, you’re an absolute gem thank you so much for chatting with us today!

Georgie’s advice on knowing your worth rings true for me and is a huge part of our ethos at PepTalkHer. Make sure you check Georgie out on Instagram at @georginamlewis.

If you’d like to know your worth, can I suggest joining our next Free 5 Day Career Challenge. The deal is, we spend 5 days together, working to supercharge your career success. It’s a 5 minute challenge a day plus a free live coaching call daily for you to join. You’ll have tactics you can put in place easily to move the needle on your career plans for the rest of the year (how is this year already half over?!) Sign up here!

How to Build a Strong Brand on Social Media

At PepTalkHer, we’re on a mission to empower YOU to know your worth and understand your value in the workplace. And what better way to start than asking our favorite women in business?

We chatted with Marlo Grover, the infectiously happy founder of G Pump Fitness. She and I met a few years ago at Vogue Codes where I was keynote speaking. She found me online and we’ve been fast friends ever since. She’s a fashion mogul turned fitness entrepreneur. She exudes energy 24/7 - you’re going to love her advice!

Meggie: Marlo, ever since we met a few years ago at the Vogue event, I’ve been so impressed with your tenacity and energy in your epic entrepreneurial journey ever since! For those who don’t know you, how would you describe what you do?

Marlo: An opportunity maker, yes-sayer, and positive-vibes lady!

Meggie: We are OBSESSED with G Pump at PepTalkHer. Can you tell us how you got to where you are today?

Marlo: Relationships, reaching out, asking for support, saying yes to every opportunity that comes my way, and failing as often and fast as possible. Working out what I don't want to do so I can do what I do want to do as soon as possible!

“You have to be authentic and consistent.”

— Marlo Grover

Meggie: I feel like your days are always SUPER varied, can you tell me about a day at work you'll never forget?

Marlo: Filming a G. Pump workout on the sandy white beaches of Australia one minute, and on the same day, a prominent TV presenter walking into a room of people, knowing who I was and congratulating me on the awesomeness of G. Pump. Umm... HELL YES!

Meggie: That sounds amazing. G Pump, and yourself, have such a strong brand on social media. What’s your advice on growing a personal brand?

Marlo: You have to be authentic and consistent. Really get a clear idea of your brand pillars, yes even for your personal brand, and come back to those pillars every time you're creating content, presenting yourself or delivering work. If you can consistently hit those pillars every time you do something in your work or personal life, your audience and your customers will learn about you, trust you and ultimately work with you.

“If you can consistently hit those pillars every time you do something in your work or personal life, your audience and your customers will learn about you, trust you and ultimately work with you.”

— Marlo Grover

Meggie: Could you tell me how you prepare for negotiation conversations around salary and promotions? 

Marlo: I come with facts and proof. I've found that when having these conversations, 99% of the time with men, it doesn’t matter what a good manager I am, how well I manage difficult personalities in the office etc., it always comes down to how much money you have brought in, managed budgets etc. I prepare such overwhelming evidence of exceeding expectations in my role that it would be completely embarrassing if they didn’t negotiate. AND YET! There's still always something (perhaps my vagina? haha) that isn't quite right...

Meggie: URGH. We all know that a little too well… Could you tell us about someone who has taught you the most about knowing your value in the workplace? 

Marlo: The ONLY female manager I've ever had, was the best woman I’ve ever worked with and has become a good friend. she called out the BS when male upper management tried to stifle my growth. She puts herself on the line for her team, and she really made it clear that you need to stand up for what you believe in.

Meggie: Love that! My female colleagues and bosses have been (mostly) game changing inspiring for me too (We won’t mention the one anomaly though….) OK finally, are you reading or listening to anything at the moment?

Marlo: I listen to Shameless every week, it's like reading a fun glossy magazine each week, but in my ears, and about things that are important to me or affect me. I wish I loved/had time to read. I'm halfway through Jane Fonda’s book 'My Life so Far' and can highly recommend it. Next on the list is ‘GreenLights’ by Matthew McConaughey, and David McAllister’s book ‘Soar’.

Meggie: Marlo, thank you so much for chatting with us today! I’m doing your 6 week challenge coming up - can’t wait! If you’d like to join make sure follow Marlo on Instagram at @marlo.grover and @g.pump_fit.

“I prepare such overwhelming evidence of exceeding expectations in my role that it would be completely embarrassing if they didn’t negotiate.”

— Marlo Grover

If you want to bring Marlo’s energy to your career, can we suggest you join us for our next SUCCESS SPRINT? It’s FREE and is a 5-day challenge to help you rock the rest of the year! A 5-minute task a day plus a free 5-minute group coaching call with me is how it works. The results last time were E P I C (think pay rises, credit card fee refunds, job offers…) See you there! Sign up below.

Here are our top 3 negotiating tips you need to know

1. Know Your value

So the concept of "know your value” gets thrown around a lot - but like, what does it even mean? How do you actually quantify that in dollar terms? GREAT QUESTION - so glad you asked!

So, first things first: 

-PAY WEBSITES The likes of Glassdoor, Payscale and Syndio can help. But - be warned, they give a huge range and depending on your seniority, have varying degrees of accuracy. But having said that, it’s a great place to start to get a sense check

-RECRUITERS For a more accurate reflection of the market value today - talk to a recruiter who lives and breathes salaries, job descriptions and compensation packages all day! We recommend you speak to a recruiter at least once a year. This will ensure you can suss out where you sit in the market

-DR GOOGLE The old “google it” comes in handy when it comes to salaries too (who knew?!) Let’s say you’re offered a Marketing Director role at a tech company. Google “Marketing Direct “INSERT COMPETITIVE TECH COMPANY NAME HERE” so you can get a sense of what similar companies are paying for rate role 

“Speak to friends and colleagues”

-ASK AROUND Speak to friends and colleagues - This step is CRUCIAL. Get comfortable talking about money. Money makes the world go around - and if you’re going to be one of the ones making it a spin, you gotta make these type of chats your friend.

Talk to your friends, superiors, people you admire and ESPECIALLY - talk to men. White men. Because - they make the most. So hit them up. 

2. Track Your Success

Record everything. Bosses are busy. They’re not going to remember all your wins - but make sure you do. Any negotiation you walk into, you should bring 3 clear achievements. 

Know these achievements and their supporting data like the back of your hand.

Most bosses are results-oriented. Your ability to make an argument for more pay begins with your ability to document and quantify your success. In other words, write it down and add it up!

There are a few ways you can do this, you can keep a diary, use a google sheet or even better - use the PepTalkHer App. It’s free, simple & collates all your wins in one spot.  The App will send you prompts, reminding you to reflect on your successes. It helps you track your projects & their impact on the company. You can press one button and print off your dossier of achievements to take into meetings. 

For example, did your big presentation lead to $5,000 in additional revenue? Maybe you took on additional responsibilities when a co-worker left. Or did you save the company money when organizing an event? 

Write it all down in the app. Come pay raise time, you then have the data to hand!  The most compelling argument for a pay increase is proven success. The more numbers you can bring into your success the better - your boss can’t argue with facts.

Seriously, you should be talking about your key successes in your sleep. Be sure to track achievements that contributed to big company goals. Show you’re thinking about the company’s bottom line and not just your own job description. 

3. Wish, Want, Walk

So every time you walk into a negotiation, you need to know these 3 numbers:

WISH, WANT WALK. 

Here’s what I mean:

WISH - The CRAZY figure, that is scary to say out loud. (Also known as your “F*%K off number!”)

WANT - The number you WANT to be paid. This figure will make you happy to get out of bed & work hard!

WALK - The figure where you think - “you know what - not worth it - I’m outta here.”

Having these numbers to hand will make you feel confident and be clear on your parameters when the salary question comes up. 

Want a cheat sheet full of tips? Download the epic PepTalkHer Pay Raise Cheat Sheet here if you're looking for some extra help. 

Help! Why Can't I Save Money?

Recently, on a beautiful summer afternoon, I sat on the beach with my 31-year-old sister and had a pretty serious talk about a topic that many can relate to: her money (or lack thereof).

As background, my sister, while also being funny, smart and beautiful, has a great job in the entertainment industry and is based in New York City. She earns a robust salary and is not, by any means, frivolous with her money. But she simply cannot save. In fact, she is genuinely amazed by people who can and desperately wants to get on track. So we dove in and tried to uncover the hidden mysteries behind her cash flow. Here is what we found:

My Sister Spends A Lot Of Money On Nonsense.

 I don’t mean to pick on her because she really is not irresponsible with her money; however, she is also not aware of where her money goes each month. For starters, we quickly realized that her beverage budget is out of control. Yes, you read that correctly—her beverage budget. If you were to add up the money she spends each month on coffee, juice, smoothies, and alcohol, it would really give you pause. If you just calculate her coffee budget each month ($5 per day times 30 days), you are already at $150. Let us not forget the day she gets a second coffee, or decides she wants a carrot juice after yoga. Based on my experience, many city dwellers her age spend between $200-500 per month on just beverages.

Next, we looked at her takeout and delivery purchases. She actually cooks for herself more than most and still spent over $200 that month on food delivery. This doesn’t include her daily lunches that cost approximately $12 per day. Finally, we looked at her transportation costs. Oof. She had taken twelve Ubers that month. She had also charged five cab rides on her card. Her cab and Uber rides that month were over $200. Between drinks, delivery, lunches and cabs, she had spent over $650 that month alone and had nothing (other than some caloric intake from the food) to show for it.

She Has Somehow Mistaken Wants For Needs

First, before I get on my soapbox, I will say that New York City is an insanely expensive place to live. Rents are sky high, food, toilet paper—just about everything (other than flowers maybe?)—are more expensive in the city than they are everywhere else. I understand that when your first paycheck of the month hits, it mostly goes to the rent. However, somewhere along the line, my sister (and many others who have similar situations), have mistaken things like dinners out with friends, weekends in the Hamptons, weddings in Mexico and vacations to France (she’s there now), as necessities.

Often, when I speak to people who have a hard time saving, they begin by telling me their fixed costs (rent, cable, cell phone bill) and before I know it, they have outlined a pretty fantastic travel schedule from the past 6 months. Allow me to put it you straight—travel, dining out, take-out and personal trainers are all luxuries. If you are having a hard time saving, take a long look at what you spend each month and decide if any of it can be eliminated.

Kristin Merrick is a money expert financial advisor at O’Keeffe Financial Partners LLC serving the New York and Los Angeles media markets. Learn more information about her: https://okeeffefinancialpartners.com/our-team/kristin-okeeffe-merrick/about-kristin-okeeffe-merrick/

Your Deepest, Darkest Money Fears—And How To Vanquish Them

As a financial advisor, I spend a lot of time talking to women about money. Recently, I had a unique opportunity to spend the day with 30 women who, in 15-minute intervals, divulged their deepest, darkest secrets about their finances.

Here’s what I learned—and what I advised them.

Look your fear dead in the eye

In my line of work, I talk about fear more often than I’d like. Many women tell me that they’re afraid of numbers or math or money and therefore they have generally ignored their finances. Some have confided that they are afraid to look under the hood at their own financial situation for fear of seeing how bad it actually is.

Let me put it to you straight: If I called you up and said that I was ignoring a huge growth on my neck because I didn’t understand medicine or biology or science, what would you say to me? You would tell me to seek out a professional immediately. I urge you to do the same. Most women find their financial journeys to be liberating and empowering. You just have to dive in.

Dig into the details on your debt

Most of the women I spoke with had very little understanding of their debt makeup. When I asked the simple questions like how much debt they have outstanding, what are the interest rates they pay, or about their plans to mitigate debt, most were either uninformed or overwhelmed. One woman shared that she heard from a co-worker that she should not pay off her credit card in full each month because it would help her credit score. That is patently false and, in my opinion, evidence that your co-workers should not be trusted when it comes to dispensing financial advice.

“Most of the women I spoke with had very little understanding of their debt makeup.”

But here is some actual financial advice: Understand your debt—how it works, how it compounds, how long it will take for you to pay it off. Debt management is a key factor in financial freedom. Here’s some steps to take to help you get there.

1. Call your loan administrators and find out how your loans work.

2. Call your credit card companies and find out how much you pay.

3. Research better alternatives for your debt.

4. Check your credit score once a year and make sure to protect your identity by utilizing a service like Life Lock.

5. Stop spending more than you can afford.

Track your money one Uber at a time

So many people struggle with saving. In fact, according to CNBC, 61 percent of Americans have less than $1000 saved and couldn’t afford to pay for an emergency without resorting to their credit cards. Almost all the women I meet with know that they need to save money in theory, but find it extremely difficult to do practice, which is why you actually just need to trick yourself. Start moving money away from yourself into a secret squirrel account that it difficult for you to access. You can start small ($100 per month) and if you don’t notice it, increase it each month. Over time this will accumulate, give you comfort and provide you with a cushion for emergencies.

The other main goal was to get on a budget. So many women spend too much and most don’t even know where it goes. I can shed some light on that—it goes towards beverages (juices, coffee, smoothies, tea, alcohol), take-out or food delivery, or cabs or Ubers. If you don’t believe me, go back and look at your statements for a month and add up all these numbers. Budgeting isn’t actually that hard once you uncover where your money goes.

Warm up to home ownership

One of the more interesting takeaways in talking with millennials is that most share a mutual goal—to buy property. This totally debunks all the nonsense I read about how millennials don’t want to be tied down and would rather rent. Every woman I met at my speed dating session cited “home ownership” as a primary goal, even if they were unemployed and broke.

“Budgeting isn’t actually that hard once you uncover where your money goes.”

The thing that strikes me as odd is that this goal often supersedes having a savings account, saving for retirement or paying off debt. In order to achieve such big goals, it is imperative to start small. I’ve seen many people rush into buying a home despite a lot of warning signs that they were not ready.

Trick yourself into getting hot for retirement

I field a lot of questions about retirement planning and savings. Younger people often struggle with the idea of saving for something that they won’t be able to access for decades. In addition, many of the women I work with are self-employed and often get overwhelmed by their retirement options. Here is the bottom line on retirement savings: do your best to contribute to some kind of retirement account.

If you have access to a 401(k), contribute something to it each month. If you are self-employed, look into options like a SEP IRA or a Simple 401(k). At the least, open a Roth IRA or a Traditional IRA so you can contribute up to $5,500 per year. If you are confused about your retirement options, talk to your accountant or your financial advisor. Both should be able to outline your options and explain the taxable differences in all of them.

Remember this simple little adage: “If you don’t save money for retirement, you won’t have money when you want to retire.” If you don’t want to think about the old-fashioned word “retirement,” I’ll re-brand it for you and call it “financial independence.” Financial independence is so hot right now.

Kristin Merrick is a money expert financial advisor at O’Keeffe Financial Partners LLC serving the New York and Los Angeles media markets. Learn more information about her: https://okeeffefinancialpartners.com/our-team/kristin-okeeffe-merrick/about-kristin-okeeffe-merrick/

Six Things You Should Do Before Year-End To Get Financially Organized

When you are a financial advisor, you get slammed in January. Everyone spends the holiday season going over their goals and dreams for the New Year. Getting “financially fit” falls very high on the list of resolutions. But what if I told you that it was just as important to focus on your financial hygiene in December?

December can be crazy as everyone is generally rocking around the Christmas tree and spending too much money. But the actions you take in the last month of the year can be very impactful for many reasons. Here are some things you should focus on before year-end:

Make sure you have contributed enough to your 401(k) and to your other retirement accounts

• 401(k) contributions are tax-free contributions. This means that you do not pay taxes on the money that you contribute to your 401(k). You can contribute up to $18,500 per year ($6000 more if you are 50 or over.) Contributing to a 401(k) allows you to pay income tax only when you withdraw money from the plan in the future, at which point your income and tax rate may be lower or you may have more deductions available to offset the income. If you have not maxed your 401(k) this year but would like to, make sure to alert the administrator of your 401(k) so you can increase your contribution for the last month of the year.

• IRA contributions don’t have to be made until you file your taxes but remember that you can contribute up to $5500 to your IRA or Roth IRA each calendar year ($6500 if over 50). In some cases, you may be eligible for a tax-deduction.

Check Your Gains & Losses In Your Investment Account

In the investing world, we use a term called “tax-loss harvesting” where you evaluate whether you can benefit from selling a losing investment to offset gains or establish a deduction of up to $3,000. Excess losses also can be carried forward to future years. Keep the following things in mind:

Short-term gains (gains that resulted in a sale of less than 366 days) are taxed at a higher marginal rate; aim to reduce those first

• Don’t disrupt your long-term investment strategy when harvesting losses

• Be aware for “wash sale” rules that affect new purchases before and after the sale of a security. If you sell a security at a loss but purchase another “substantially identical security” within 30 days before or after the wash sale, the IRS will consider that a “wash sale” and disallow the loss deduction.

• Talk to your financial advisor about what they recommend as the best tax-harvest strategy

Complete your college savings contributions

If you utilize a 529 college savings plan to save for college, please make sure to get your full 2018 contribution in before year-end. In some states, your contribution is tax-deductible (make sure to check your individual state’s plan to learn more).

Manage Your Income & Deductions

If you are a business owner, this is crucial to do before year-end. Also if you are at or near the next tax bracket, you should also pay close attention to anything that might bump you up.

• If you think you are in the danger zone of getting bumped to a higher tax bracket, consider making a charitable donation (see below for more on that).

• Determine if you should accelerate deductions or defer income, potentially allowing you to minimize your current tax liability. Sometimes your employer will allow you to defer bonuses to the New Year. Also, if you are a business owner and are expecting a payment, perhaps see if it can be paid in the New Year. Check with your accountant!

Make Your Charitable Contributions

Charitable giving is good for the soul and for tax mitigation. Make sure to officially make your donation before Dec 31 for it to count towards your 2018 tax year. There are many different giving strategies that you can implement. They include:

Giving good old fashioned cash (or check)!

• Donate gently used items and clothing

• Donate appreciated securities: If you own stock that has appreciated over the years, you can receive an immediate tax deduction and this can also help you avoid paying capital gains tax on the appreciated portion of their value. Gifts also have the potential to reduce future estate taxes.

• More sophisticated gifting options: Gifting is a serious business. There are ways to gift through charitable remainder trusts and charitable lead trusts. You can also gift life insurance. If you are considering these options, please make sure to coordinate with a financial advisor, an attorney and potentially an accountant

Evaluate Your Life

Whoa, we just got real deep. Making sure to evaluate any life changes from the past year or the upcoming year is an important part of financial planning. Moving to a new state, getting married or divorced, having a child, changing jobs or retiring are all important life changes. If you think that you have had a material life change that could impact your financial life, it could be a good time to talk to your financial advisor. In general, if you think life is getting too financially complicated to handle on your own, it may be time to hire someone to help you. Perhaps that could be your new year’s resolution. Hope your holiday season is a blast! Just don’t spend too much money.

Kristin Merrick is a money expert financial advisor at O’Keeffe Financial Partners LLC serving the New York and Los Angeles media markets. Learn more information about her: https://okeeffefinancialpartners.com/our-team/kristin-okeeffe-merrick/about-kristin-okeeffe-merrick/

How to Make Money Less Weird

Talking and even ~thinking~ about money is about as uncomfortable as running into your ex while on a date. Cringey! So how do we get less weird about the subject? By getting real about it. Pull it off like a Band-Aid, friends. Once you do, things get a whole lot easier—we promise.

To help get you on the right track, we caught up with our friend and financial advisor Kristin O’Keeffe Merrick—she has 15 years of experience on Wall Street and was previously Vice President at Morgan Stanley—for her tips on how to finally be comfortable talking about money.

“The main underlying truth to all of my conversations about the feelings we have about our money is that people are just straight-up weird about it. Everyone comes to the table with their own set of baggage, and it’s a big part of my job as a financial advisor to navigate that. But why do we have such emotional baggage about finances? What is it about cash, coin, moolah, dough, loot, bacon, Benjamins (this is kind of fun) that makes us so uncomfortable? How can we circumvent money weirdness and allow ourselves to embrace it instead? Let’s unpack this.”

Everyone has a money story

“The one thing that holds true for everyone is that we all have a money story or journey. My story is pretty straightforward. I understood at a young age that money bought me stuff, and I wanted stuff. However, because I was the oldest of a large family where cash wasn’t always flowing, I had to do without. Mind you, when I say ‘without,’ I mean that I didn’t have the designer clothes that my friends had. Cry me a river. In the third grade, I started to figure out ways to make money. I babysat, tried a few businesses (I ran a black-market business selling drawings of the Simpsons in fifth grade; very lucrative), and I got my first paying job when I was 14 as a clerk in a cosmetics store. I often had three jobs at once while I was in high school and college. When it came to making decisions about my future, I made the deliberate choice to go into finance because I knew it would pay me. And I wanted to get paid.

“The key to the money story is to be honest with yourself and to get a better understanding of how you have framed your story. Your journey often defines the way you think, speak, and manifest money, and is often the framework for how you spend, invest, and approach money in general. So first step: Tell your story. Second step: Look for clues in the story to see if it gives you any indications of how it has manifested into your current relationship with your finances.”

How was I taught about money?

“Do you feel weird when you talk about money? Do you clam up, get embarrassed, or change the subject? If so, you need to dig deeper. If you are shy about the subject, you need to identify why. Is it cultural? Do you think it’s bad etiquette? Did someone make you feel shameful in your past about it?

“Generally speaking, I have found that women shy away from the topic because they think it’s distasteful, bad manners, or will make others uncomfortable. In addition, women are often taught (explicitly or implicitly) that they shouldn’t talk about finances and should not base career decisions based on compensation. This is a topic I could talk for hours about, but this is the tipping point to the gender wage gap. But sticking to the topic du jour, our weirdness around money starts when we are little girls and has a tendency to get worse with age. This is something to spend some time on. Do your money beliefs serve you well today? Determine which of your beliefs serve you well and which beliefs constrict or limit you.”

 How do I talk about money?

“I recently sat down with someone who started the conversation with ‘I hate talking about money.’ With just one sentence, I was able to learn a great deal about how this person deals with money. Just like anything, it is important to use the correct language when discussing money, but before that, you have to be OK having the conversation. If you are very negative about it, get embarrassed by it, or just generally avoid it, the money will go elsewhere. Money doesn’t need you. It can go find someone else to hang out with. If you don’t want money, then keep talking about how awful you are with it, how stressful it is, how confusing it is. If you want money, then invite it over for coffee. Embrace it. Learn about it. Talk about it. The more barriers you break down, the more financial success you will have.”

How can I get past my money weirdness?

“Now that you have gained some awareness about your money weirdness, the next step is to get beyond it. Start reframing the way you think, speak, and act around money. If you ‘hate’ talking about it, force yourself to start. If you tell everyone that you ‘aren’t good with money,’ then flip the script and learn more about it by asking smart questions. Start speaking clearly and calmly about money, and take the emotion out of it.”

 Start treating your money like a valued relationship

“Imagine you treated your money like you treated your best friend. Now is the time to start. Pay attention to it, go on dates with it (this means check your bank accounts, track your spending, and start making good decisions). Prioritize your money, and prioritize your financial hygiene. Also, stop comparing yourself to others. Trust me, no one is as financially secure and savvy as they would like you to believe. You stick to your plan and focus on you. It doesn’t matter what anyone else is doing. Finally, start telling everyone about your new friend, money. Ask people about their money journeys or how they manage their finances. Let the whole world know that you and money are friends now.”

Kristin Merrick is a money expert financial advisor at O’Keeffe Financial Partners LLC serving the New York and Los Angeles media markets. Learn more information about her: https://okeeffefinancialpartners.com/our-team/kristin-okeeffe-merrick/about-kristin-okeeffe-merrick/

Yes, You Probably Need Life Insurance And Here's Why

Life insurance is not sexy. It’s not fun to talk about and it’s definitely not a process anyone enjoys. However, much like death and taxes, buying life insurance is an essential part of life and a crucial element of sound financial planning.

Most everyone is aware that they need life insurance but, from my experience, most people procrastinate until there is an important life event that pushes them to buy it. However, there are some serious benefits to buying insurance early on, especially if you have debt, are married or planning on marriage, have or are planning on starting a family, or you are a business owner.

How Does Term Life Insurance Work?

Term life insurance is quite simple—use it or lose it. In other words, you pay an annual premium (determined by the insurance company) for the “term” of the policy (usually 20 years) and if you die within those 20 years, your beneficiary will collect the specified amount indicated on the policy. For example, let’s assume you purchase a $1 million, 20-year term policy and the premium is $600/year. Assuming you are current on your premium payment, if you die within the 20-year period, your beneficiary will receive $1 million, tax-free. There are many other kinds of life insurance products but for our purposes today, we will focus on 20-year term.

Why Do You Need Life Insurance?

One of the most fundamental questions you should ask yourself when contemplating life insurance is this: Will someone in my life be adversely effected (from a financial standpoint) by my untimely death? This is different from “Will someone be sad by my untimely death?” I will be sad. But I do not want to assume your financial liabilities.

• If You Were To Die Tomorrow, Who Would Assume Your Debt? If you own a home, a business, or have personal liabilities, someone else will become responsible for those liabilities (generally your next of kin). Therefore, your spouse, your parents or your siblings could end up having to pay your debts after the good Lord takes you.

• Do You Have Children? Guess what? If you have kids and you don’t have life insurance, you may have put your entire family at risk. I know that seems a bit harsh but it is a potential reality. Enough said on that.

• Are You A Business Owner? What would happen to your business if something were to happen to you? Do you have a succession plan? If you a business owner and do not have a succession plan, speak to a financial advisor to get you on track to help you create one. This could mean purchasing some type of insurance product and creating some documents determining who would inherit your business and its assets and liabilities.

How Much Insurance Do You Need? 

This is not an easy question to answer and everyone is different. First, it depends on the variables I mentioned above. It also depends on your age, your sex (men are generally more expensive to insure than women), and how much insurance you can afford. The general formula used by insurance agents is somewhere between 7-10 times your annual salary. For example, if you make $100,000/year, you should consider buying somewhere between $700,000 to $1,000,000 of insurance. That being said, if your life is complicated (kids, business, lots of debt), you should probably look to increase that amount. Again, consider seeking the advice of a financial advisor who understands your financials before making this decision.

Where Should You Buy Life Insurance?

Insurance is an interesting industry. Some companies are better at certain products than others. My advice is to speak to a financial advisor as opposed to a “captive agent”. A captive agent is someone who works for an actual insurance company and only sells that company’s insurance. Whenever I present clients with insurance options, I generally show them 12-15 quotes from various providers so that the client can see the differences in price. Also, as I mentioned, term life may not be the best type of product for you. A financial advisor can assess your situation and help guide you towards a policy that makes the most sense for you. In most cases, advisors will not want to over-insure you; however, I cannot say the same for a captive agent.

Kristin Merrick is a money expert financial advisor at O’Keeffe Financial Partners LLC serving the New York and Los Angeles media markets. Learn more information about her: https://okeeffefinancialpartners.com/our-team/kristin-okeeffe-merrick/about-kristin-okeeffe-merrick/

5 Realistic Ways to Build Yourself a Nest Egg and Find Financial Security

Lost control of your finances? With sacrifice and smart planning, all of us can grow our nest eggs.

Rick Morton recently published a book about growing up on the poverty line. An extraordinary piece of social commentary, One Hundred Years Of Dirt opened my eyes, challenging me to think differently. He writes of wealth: “For all the patronising axioms about money never buying happiness, it does allow for other things that help. It buys time to spend with families, mobility, the uniquely preservative state of having a home to sleep in and knowing that you always will.”

For me, the freedom and choice that comes with financial security is something I crave deeply.

Rather than worrying my whole life about money, I set a goal: to be financially secure when I turn 40 in six years’ time. I’m not a highly paid investment banker and I don’t come from family money. On a journalist’s wage, I had to get creative when I decided on this goal. I tripled my money on a marijuana stock but then, cocky from my lucky gain, lost $30,000 in one day investing in a speculative health company. I’ve done some things right, though: automating my savings and low-cost investing. So now I’m on track to have almost a million dollars in cash and shares by my 40th birthday. Here are the lessons I’ve learnt so far.

Lesson 1: friends first

In my experience, conversations about money flow better over wine and cheese (or kombucha – choose your poison). And sorting your financial shit out once and for all is easier when your friends join you. Sophie McNaught, founder of Women and Money (which organises forums for women to learn about money), has a theory: “Women don’t talk about money because there is no social setting in which it’s acceptable to do so.” So, create your own safe space. Message your sister or your best friend or both and get set for a big night in with your money-accountability buddies.

Then dream big. What opportunities would wealth create? The ability to quit the job you hate? Less conflict in your relationship? A down payment on a house? Write down your dream and its price tag and put it somewhere you’ll see – an everyday reminder of the new direction you are heading towards.

Lesson 2: health check

Expenses, income, credit card debt, mortgage, savings … it’s time for a money audit. Cool apps like Pocketbook can help you easily gauge your financial pulse. Tonya Rapley runs My Fab Finance, which specialises in helping women build their financial future. “Women say to me all the time: ‘I’m a financial wreck!’ Often you get under the hood and realise they’re not as bad off as they think,” she says.

Understanding where your money is going will give you more confidence to take financial charge. If you are a latte-twice-a-day type, you might not realise that you are spending about $2,900 a year on coffee. Neither did my fiancé until he went through this consolidation process. Afterwards, he bought a coffee machine to make his morning espresso at home. Subscribe to Netflix and Stan? Be brutal: cull where you can. Save yourself thousands in fees by combining your superannuation. The myGov website helps make this easy by showing details of all your super accounts, including those you have lost track of.

Lesson 3: becoming rich is not all about what you earn

I hit the salary jackpot in my first full-time job earning $28,600 a year. I could cover my $110-a-week share-house rent and still afford to go to the local Thai restaurant once a fortnight for the $10 dinner special. Living the dream! In the back of my mind, though, was my mum’s money mantra: “Always funnel part of your wage straight into savings, no matter what your income.” So, dutiful daughter that I am, I set up a weekly direct debit of $90 into a high-interest online savings account.

Let’s crunch the numbers: imagine at my age of 34, you start putting aside $90 a week, every week. By the time you’re 60, assuming an average investment return of seven per cent, you’ll have $321,000. Let’s take this same scenario, but start younger. Aged 21, saving $90 a week means by the age of 60, you’ll have almost $869,000. Google ‘compound calculator’ and play around with the figures. It will feel like magic but it’s just maths – exponential maths.

Casey Halliley, founder of Wealthology 101, which provides financial advice and support to clients, explained it to me like this: “Becoming rich is not really about what you earn, it’s about what you do. Taking advantage of the power of compounding interest as early as possible is the smartest decision you can make.”

Lesson 4: show me the money

Ask for a raise: I can hear the excuses already: “I don’t earn much and never will.” “My company works in strict salary bands; there’s no negotiation.” But there is almost always room to negotiate for valued employees. If your supervisor rules out a monetary increase, think laterally. Can you ask for an extra week of annual leave? A car park? If you do get a pay rise – awesome! Now let’s pretend it never happened …

“When I got my first huge raise, I acted like I didn’t: I funnelled all the extra into a different bank account. Before I knew it, I had a deposit and bought my first house at 31. I was earning $67,000 at the time,” says entrepreneur Kelly Legends, who kept up that discipline, and now, aged 40, owns two houses.

Side hustles: Airlie Walsh is a news reporter at Parliament House in Canberra. A passionate photographer, she has built a photography print business on the side that is loved by celebrities and interior designers. “Squarespace made building my website and selling online really simple. Since I started a few years ago, we’ve shipped my limited-edition prints all over the world.” Passion plus profit equals win-win. What skills do you have that others would pay for?

Rent a room: do you have a spare room where you live? You could be sitting on a gold mine. When I moved overseas, I supported myself by putting a single bed into my tiny study and renting it out on Airbnb.

Closet cull: own a few designer handbags that are collecting dust in the back of the wardrobe? Take a leaf out of my housemate’s book and list them on eBay. She earnt almost $3,000 selling (somewhat reluctantly) her Louis Vuitton Lockit. As Marie Condo preaches, if something doesn’t give you joy, get rid of it. Or, even better, sell it online.

Lesson 5: automate 

I love Tim Tams, especially the dark chocolate ones, but need to hide them on the top shelf otherwise they are too tempting. In the same way, every month I automate a percentage of my income to go to an online-only investment account so I can’t touch or spend it. Once you’ve accounted for your expenses and some play money, work out how much you can save. Let your financial-accountability team know and commit to an automated transfer into a savings or investment account. I’m not a millionaire yet, but with my nest egg compounding, I may just get there. Six years to go.

Top 10 Quotes from the Ladies Get Paid Conference

On December 8th, 2018, over 600 babes gathered in Brooklyn for the second annual Get Money Get Paid conference sponsored by the awesome women of Ladies Get Paid. It was nothing short of magical. Lessons were learned. Myths were busted. Mics were dropped.

So much wisdom and inspiration cannot and should not be contained, so we’re passing it along. Here are ten quotes to psych you up, make you think, and keep you going on your crusade to get paid. 

P.S. Ladies Get Paid has a Slack channel. Yes, you should join.

1. “If you’re afraid to walk away, if you don’t have other options, you are trapped.”

On Salary Negotiations, Morgan Fletcher, Certified Negotiation Instructor

2. “Get paid for the value you create.”

Kara Stevens, founder of The Frugal Feminista

3. “9-5 was so men could get out before the kids were up and get home when they were already asleep… the world is designed with the male dynamic in mind. How do we change that beyond maternity leave?”

Jennifer Justice, Pres. of Corporate Development at Superfly

  4. “What you do is not who you are… If you fuck up, you are not a fuck up.”

 On Imposter Syndrome, Claire Wasserman, founder of Ladies Get Paid

  5. “It’s easier to believe that by eradicating individual bad actors we can avoid confronting massive systemic inequalities.”

On #MeToo, the pay gap, and so much more, Kara Brown, writer for the CW, Jezebel, Freeform’s “grown-ish”; co-host for Crooked Media’s “Keep It” podcast

  6. “Find some way to express your anger. Questioning whether you have the right to be angry won’t serve you… Let it out.”

Rebecca Traister, writer for NY Mag and The Cut; Author of “Good and Mad”

  7. “Crush your approval addiction. And show up… even hungover.”

Lisa Copeland, Board of Directors for Women in Automotive; trailblazer; keynote speaker; all around badass

8. “Follow your bliss? Fuck that. Solve a problem. Find things you want to punch.”

Nathalie Molina Niño, CEO of BRAVAInvests; Author of “Leap Frog: 50 Hacks for Women Entrepreneurs”

  9. “Be proud that you’re doing what you need to do to make ends meet. Never feel embarrassed of what you have to do just to make it work.”

On survival while starting your own business, Polly Rodriguez, CEO & Co-Founder of Unbound

10. “You’re going to encounter gatekeepers. It’s a test of your resilience. “No” means “Not Yet”… Take rejection personally, then make it constructive.”

Beth Comstock, Changemaker & Author of “Imagine it Forward”; Former Vice Chair of GE

Trump & PM invite more Andrews than women to prestigious dinner.

Prime Minister Malcolm Turnbull & President Donald Trump celebrated with their business besties at a gala dinner in Washington DC this weekend.

Among the sea of suits and ties was just a handful of women. Out of the business leaders, there were five Andrews, four Mikes, two Glenns, two Gregs, two Toms and two Steves on the invite list.

But only four women made the cut. More businessmen named Andrew got the call up than women.  

Between them, Australia and the United States invited fifty one business heads, meaning women were less than 8% of that guest list for the prestigious event.

Australia’s Ambassador Joe Hockey and his Embassy staff along with the Business Council of Australia handpicked the 26 Australian leaders. Apparently among them they could only come up with three worthy Australian women. (AMP’s Chairman Vanessa Wallace, Jennifer Wastacott from Business Council of Australia and Dr Stephanie Fahey the CEO of Austrade.)

The Department of Foreign Affairs and Trade lauded the event as “the largest and most significant delegation of business leaders in the US”.  An intimate audience with key American decision makers – access not even money can buy.  Choosing to overwhelmingly give this opportunity to male leaders further perpetuates inequality.

In 2018, we should expect better. Given the #metoo & #timesup campaigns, surely we can demand better?

The Prime Minister’s Office, Australian Embassy and DFAT officials certainly ought to know better.

Australia’s diversity, our difference, our daring is what makes us great. It fosters technological genius like Tan Le’s company Emotiv, behemoth IPOs like Atlassian‘s and global online powerhouses like Jane Lu’s Showpo. To ignore the breadth of what we have to offer and to turn your back on showcasing it, does Australia a disservice.

But even if we put aside the Government’s duty to be inclusive – such an outdated attitude is simply bad business.

This McKinsey’s study found companies who commit to gender, racial and ethnic leadership diversity are more successful – they’re much more likely to have better financial returns.

Surely then diverse diplomatic conversations would be more productive? Should this not be the highest priority to ensure reaching optimum outcomes for everyone?

The Prime Minister gleefully posted a video of attendees comparing their brand of cowboy boots at the event. Another video on his instagram story had Donald Trump shaking hands with key Aussie leaders…but there was not a woman in sight.

The Australian Government and its agencies should be actively fighting against the boys’ club, not encouraging it. A tax payer funded event with such an astonishing lack of diversity is a disgrace.

The event was to mark 100 years of Aussie US mateship. So much has changed….and yet, so little is different.

Let Them Flinch First: Megan McWilliams

MEGAN MCWILLIAMS

Digital Media Diva

How do you describe yourself in one sentence?

“Recovering magazine publisher/editor gone mad for digital media production.”

What's your job title & how did you get there?

“Executive Producer/Founder of The Green Divas media brand. Got here via the road less travelled.”

What's the best piece of advice you've received re negotiating your salary & benefits?

“Always try to let them start the negotiation, and LET THEM FLINCH FIRST.”

Do you ever talk about your salary with coworkers? Why or why not?

“Nope. Not Necessary”.

How do you prepare for pay rise, promotion or tough negotiation conversations? We'd love to hear all your hacks & top tips!

“KNOW YOUR WORTH. I mean do the research AND be honest with yourself, then when you are clear, embed it in your brain and be as fearless as possible”

What would you tell your younger self about negotiating your first salary?

You are so much better than that!

Did you ever agree to something in a negotiation you now regret doing?

YES! at this point, primarily with clients. It still happens, I WANT the gig, so I ratchet back my prices, anticipating their response to imaginary things (usually). When they come back immediately like, "Wow, great price, we're in!" No haggling or winging at all -- I know I've once again, screwed myself.

Instgram: @greendivameg & @thegreendivas

Information is Power: Emily Clark

How do you describe yourself in one sentence?

“I'm a curious journalist who notices how weird and wonderful people are and makes a point to ask them about it.”

What's your job title & how did you get there?”

“Digital Journalist, Specialist Reporting Team, ABC News. I got here via a country education > a fortunate series of benders between university assessments > a tabloid TV gig > lots of travel > and a pivot to digital.”

What's the best piece of advice you've received re negotiating your salary & benefits?

“The first negotiation with a new employer is the most important one. Set a precedent that you are here to work, but also here to get paid. Let them know you will always come to the table expecting a pay rise because you will always deserve it.”

Do you ever talk about your salary with coworkers? Why or why not?

“Yes. This is something I've proactively done over recent years. I work for a big organization. There is money to go around so we should all get ours. Information is power.”

How do you prepare for pay rise, promotion or tough negotiation conversations?

“I step outside the established norms inside the workplace and look at the marketplace. What am I worth out there? Find examples and bring them to the table. Own your space in the room, be present and look people in the eye. Use language like "I'll have to think about it" if you're not satisfied. Buy yourself time. Remember, a good boss will respect you more if you hustle a pay rise like you hustle a story. And back yourself. Always.”

What would you tell your younger self about negotiating your first salary?

“Ask for more. Ask again three months later. Agree to KPIs only when your reward is measured too.”

Did you ever agree to something in a negotiation you now regret doing?

“So far, no. I came close when I agreed to a billable time percentage at a PR agency. Not because it was unfair, but because I was too young for that level of stress. Responsibility and authority have to be balanced.”

! ALERT ! Must Negotiate Performance-Based Raises: Kelly Glover

KELLY GLOVER

Podcast Guest Booking Agent, The Talent Squad

How do you describe yourself in one sentence?

“Podcast guest booking agent & award-winning branded podcast producer”

What's your job title & how did you get there?

“Founder & CEO (started my own podcast agency)”

What's the best piece of advice you've received re negotiating your salary & benefits?

“Actually, I've never received any advice. Ever.”

Do you ever talk about your salary with coworkers? Why or why not?

“When I earned less, yes. When I started earning more then no.”

How do you prepare for pay rise, promotion or tough negotiation conversations?

“Research other salaries in the market.”

What would you tell your younger self about negotiating your first salary?

“Negotiate performance-based raises/ bonuses in the contract so it's a win win.”

Did you ever agree to something in a negotiation you now regret doing?

“I always saw jobs as take it or leave it money so that's what I always did. Now, i'd build in performance factors.”