Links:

• bcpublicrelations.com (Sponsor)

• modern-wealth.com

• squeezethejuicebook.com

Blog Post:

Show Summary:

What’s your money story? That’s the big question we dive into today, uncovering the fascinating ways our early experiences shape how we handle finances as adults. We’re joined by the fabulous Jennifer Lee, a financial advisor who’s all about empowering folks, especially women, to take control of their financial futures. We chat about the importance of understanding your "discretionary number"—the cash left after your essential expenses—and how knowing this can help you make informed choices about your spending and savings. Plus, Jennifer shares some golden nuggets on getting comfortable with money discussions, whether with your partner or within your family. So grab your favorite beverage, kick back, and let’s squeeze the juice out of life and money matters together!

I. Jennifer Lee: Author, Advisor, Friend

Jennifer Lee is presented as a financial advisor, author, and friend, driven by a strong ethical foundation instilled by her father, who was also a financial advisor. Her approach to financial planning is deeply personal and values-driven.

• Background and Values: Jennifer grew up in the world of financial advising, learning "work ethic and ethical values" from her father. These values continue to drive her work today.

• Authorial Journey: She "didn't set out to write a book," but was encouraged by a colleague to "flesh out the stories" she already had.

• Core Philosophy: Her personal motto, as stated in her book, is: "Assess today, adjust, and squeeze the juice. You have one life. Go live it!" (Squeeze the Juice, Page 55).

• "Squeeze the Juice" Metaphor: Jennifer explains that "squeezing the juice" is about "getting the best out of whatever interaction, relationship, work, podcast, article, whatever it is. What's the meat of it? What's the juice of it that's going to be. Has the most significance." For her, the "juice" of her book is "writing your family love letter, taking care of your people."

• Family Orientation: Family is paramount to Jennifer, meaning "most everything." She emphasizes "having those connections with the kids for me and take care of your people, taking care of my mom, you know, making sure that you're there for your siblings." She shares a personal anecdote about her 22-year-old niece inviting her to travel, stating, "That's it. That's family for me."

II. Modern Wealth: A Relationship-Centered Approach to Financial Planning

Modern Wealth, founded by Jennifer Lee, positions itself as a firm that prioritizes clients' most cherished values and offers comprehensive, life-long financial guidance.

• Mission Beyond Accumulation: The firm's core philosophy is that "the heart of financial planning isn’t about accumulating wealth. It’s about guiding and helping you to make sure the things you care about the most are always put first." This includes ensuring children's financial security, funding dream vacations, or setting up businesses for future generations. "Because at the end of the day, what truly matters to you, matters to us."

• Life Advocates, Not Just Financial Planners: Modern Wealth views finance as a "way to show the most important people in your life—whether that’s a spouse, children, parents, or even business partners— that you care and that you’re thinking about them now and for the future." They see themselves as "personal advocates... helping you be at your best and ready to take on whatever life throws your way," rather than just financial planners.

• Comprehensive Roadmap: Modern Wealth works "alongside you to discover your financial and life goals, then work closely to develop a comprehensive financial roadmap to get you where you need to be."

• Ongoing Coaching: The firm emphasizes being prepared for "peaks and valleys that lie ahead," offering "ongoing coaching" to guide clients through life's changes.

• "Love Letter" Origin: The firm's story "started with a love letter," attributed to founder Jennifer Lee. This concept is central to their approach to financial planning.

• Team: The Modern Wealth team is "joined together through our shared desire to guide you safely through whatever changes life brings your way."

• Contact Information: Modern-Wealth, LLC. | (941) 251-0510 | 6710 Professional Pkwy W, Suite 201-B, Sarasota, FL 34240. They offer a "Squeeze the Juice Call."

• Regulatory Information: Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer member FINRA/SIPC. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge is not affiliated with Modern-Wealth, LLC.

III. Key Themes and Ideas from "Squeezing the Juice from Your Financial Life" Podcast

The podcast interview with Jennifer Lee delves into practical financial advice, particularly for women in transition, and emphasizes the emotional and relational aspects of money.

A. Understanding Your Money Story and Financial Mindset

• The "Money Story": Jennifer encourages listeners to "explore and say, what is your money story? ... What is the very first memory of money that you have? And was it positive? Was it empowering? Was it of lack? Was it somebody being stingy about money?" This personal reflection helps understand one's relationship with money.

• Effort Equals Reward: Jennifer shares her own childhood memory of selling cards to earn a skateboard, learning "that the effort could equal the reward." This foundational understanding shaped her entrepreneurial spirit.

• Mindset of Abundance vs. Lack: She notes that many people view budgeting "from a perspective of lack," feeling restricted. However, she reframes it as understanding "what do I have to do to make money to get the holographic sticker? Because I really want it." She highlights that "We all have a different mindset... it's the lenses that we grew up with."

B. Addressing the "Non-Moneyed Party" and Financial Education

• Focus on Women in Transition: Jennifer acknowledges that "a lot of women are usually the caretakers for in the family regardless... and they usually outlive the guys in the relationships," emphasizing her focus on this demographic.

• Defining the "Non-Moneyed Party": This term refers to "the person in the relationship who doesn't handle the finances, doesn't handle the budget, doesn't handle the retirement accounts, doesn't handle the mortgage, all those things. It's not their natural space."

• Importance of Education: Jennifer stresses that it's "never, almost never about a level of competency or intelligence. It's just, hey, that wasn't my thing." Her goal is about "educating the person who has not necessarily been at the forefront of that and getting them comfortable with these tools. Because money's just a tool."

C. Practical Financial Planning Concepts

• "Discretionary Number" (instead of Budget): Jennifer prefers to ask clients, "what do you have at your discretion?" This involves understanding income, fixed expenses, and the leftover amount. "You get to choose" how to spend this money, with the aim of aligning spending with "Future big goals."

• Goals and Resources: Effective financial planning involves understanding "what's your income, what are your assets, what are your resources?" and then aligning them with "what do you want?" As an advisor, her job is "to take your resources, your discretionary number, and help you get what you want."

• Building Financial Success (The Building Blocks):"Free Money": The lowest hanging fruit is to "make sure you get your free money" from employer-sponsored retirement plans (e.g., 401k, 403b) that offer a match. She gives an example of a woman losing 5% of her $60,000 salary by not participating.

• Diversification vs. Stock Picking: Jennifer advises against building a financial picture on "one offs or on what you hear at a cocktail party or with your friends on a weekend." Instead, build on a "foundational level" through diversification. She illustrates this with a hypothetical stock picking exercise versus the performance of a managed fund.

• Roth IRA: The "second lowest hanging fruit" is exploring a Roth IRA. She encourages young people to "just put a hundred bucks away a month into this... you'll be so rich."

• Wealth Definition: To Jennifer, wealth means "Freedom, options... Flexibility."

D. The Family Love Letter & Legacy Planning

• Purpose of the Love Letter: This concept, central to her book and firm, is a "tear jerker" that asks: if this were your last conversation, "what do they need to know?" It's not just about assets, but "what does this mean?"

• Contents of the Love Letter: It communicates values, life experiences, and practical logistical information: "Where are your assets? Right. Where the money. Sometimes there's cash hidden somewhere. We need to know where that is. But where are your passwords? Who are the people that you can trust? Who's your advisor? Who's your accountant? Who's your attorney? These things... What do you want to pass on if you're not here? What do people need to know?"

• Caring for Your People: The love letter is ultimately about "taking care of your people," especially if one partner is the "moneyed person" and the other is not. It ensures comfort and support for the surviving spouse.

E. Navigating Financial Transitions (e.g., Divorce)

• Financial Advocacy: Modern Wealth provides "financial advocacy" for individuals going through divorce, sometimes even for amicable couples who want to divide assets fairly.

• Qualified Domestic Relations Order (QDRO): Jennifer explains the importance of a QDRO, a "legal document that facilitates some of the assets that you can't just split," such as pension plans or active retirement accounts. This order, signed by a judge, legally carves off entitlements for a spouse. For IRAs, a divorce decree can suffice, but a QDRO is needed for employer-sponsored plans.

F. Personal & Business Growth

• Personal Area of Focus: Jennifer aims to "minimize my plate" and "get more comfortable with... some space on my plate" to reduce chaos, despite admitting to liking an active, busy schedule.

• Business Area of Focus: Her current business focus is on "business owner transition," helping owners plan "five years before you sell your business" to "shelter more money from tax," "get the most money for your business," or transfer it to their children.

G. Inspirational Books

• Spiritual Inspiration: "The Seven Spiritual Laws of Success" by Deepak Chopra.

• Business Inspiration: "Rich Dad Poor Dad: The Cashflow Quadrant" by Robert Kiyosaki.

Glossary of Key Terms

• Financial Planning (Modern Wealth Definition): The process of guiding and helping individuals ensure the things they care about most (family, lifestyle, experiences, etc.) are always put first, rather than solely focusing on wealth accumulation.

• Family Love Letter: A concept introduced by Jennifer Lee, referring to a document or communication that conveys one's values, hopes, and logistical information (e.g., asset locations, passwords, trusted advisors) to loved ones, particularly in the event of one's absence.

• Non-Moneyed Party: A term used by Jennifer Lee to describe the person in a relationship who does not typically handle the household finances, such as budgeting, managing retirement accounts, or dealing with the mortgage.

• Discretionary Number: Jennifer Lee's preferred term over "budget," referring to the amount of money an individual or couple has left after fixed expenses, which they can then choose how to spend or save towards their goals.

• Squeeze the Juice: The title of Jennifer Lee's book and a personal philosophy, meaning to extract the most significant, meaningful, or best aspects from any interaction, relationship, or life experience.

• 401k/403b (Retirement Plan): Employer-sponsored retirement savings plans, often with employer matching contributions, which Jennifer Lee refers to as "free money."

• Roth IRA: An individual retirement account that allows qualified withdrawals to be tax-free in retirement, making it a "low-hanging fruit" for financial success, according to Jennifer Lee.

• Qualified Domestic Relations Order (QDRO): A legal order in the United States that recognizes an alternate payee's right to receive a portion of a plan participant's retirement benefits, especially during divorce. It is necessary for dividing specific types of retirement assets like pensions or 401ks.

• Money Story: A personal narrative or the very first memory an individual has about money, which can reveal their foundational beliefs, attitudes, and experiences related to finances.

• Life Advocates: How Modern Wealth views itself in relation to clients, providing advice and support throughout their entire financial and life journey, beyond just financial planning.

• BrokerCheck: A free tool provided by FINRA that allows investors to research the professional backgrounds of brokers and brokerage firms.

• Cambridge Investment Research, Inc.: The broker-dealer and registered investment advisor through which Modern-Wealth, LLC offers securities and advisory services.