Breaking Barriers and Building Wealth
Oct 16, 2024
This week on the Saddle Up Live podcast, where we empower women to take control of their lives—financially, emotionally, and spiritually: We found insights for any woman looking to gain financial independence and confidence, especially those going through life transitions such as divorce.
Our guest financial advisor, Ed Vargo, brings both a personal and professional perspective to the topic of financial empowerment for women. Growing up as the son of a Korean immigrant mother who struggled financially after a divorce, Ed saw firsthand how important financial stability is for women, particularly during challenging life transitions.
Ed shares his journey, the lessons he learned from his mother’s experience, and how he has made it his mission to help women take control of their finances through financial coaching and wealth management. Whether you’re managing family finances, preparing for retirement, or teaching your children about money, this episode is full of actionable advice that can help you on your financial journey.
Ed’s Personal Journey:
Ed opens up about his mother's financial struggles after her divorce and losing custody of her children because of the divorce. As a Korean immigrant, she faced unique challenges, which inspired Ed to focus his work on helping women manage their money and gain financial confidence. His story highlights the critical role financial education plays in overcoming hardship and building a secure future.
Why Financial Conversations Can Be Difficult for Women:
Many women feel uncomfortable discussing money, whether it's because of societal norms, lack of financial literacy, or confidence. How can women break this barrier and feel encouraged to be proactive in learning and talking about money. Begin with your mindset. If you can get yourself to a point where you believe you are a woman learning how to be financially savvy you are more than halfway there. Money isn’t hard or scary. Money is neutral, it’s your feelings about it that make it hard or scary. Feel those feelings, look at them and ask yourself what is the thought behind this feeling. Then change that thought to something positive you can believe. This will lead you to take action to begin your journey fixing your relationship with finances!
Raising Financially Educated Kids:
Want to set your kids up for success? Ed shares valuable tips for teaching children about money early on. He strongly believes in giving them money to have control over and decide how they want to spend it. He emphasized his schooling of his children to put some in savings and some for giving. This can instill good habits to understanding the value of financial independence, Ed emphasizes how financial education for children is key to long-term family wealth.
Encouraging Open Money Discussions in the Family:
One of the most impactful things you can do for your family is to foster open and honest conversations about money. Ed discusses how to create a safe space for financial discussions, ensuring that everyone in the household, including kids, understands the importance of financial planning and security. If your kids can see you having a positive conversation while making sometimes difficult financial decisions they will learn by your example.
The Importance of Financial Literacy:
If you’re looking to build confidence around managing your finances, financial literacy is where it all begins. Get your mind right and then take action by learning everything you can. Ed provides practical advice on resources and steps you can take to improve your knowledge and feel more empowered when making financial decisions.
Ed’s Initiative "Enlighten Her":
Ed’s work doesn’t stop at financial coaching—he’s also the founder of Enlighten Her, an initiative designed specifically to support women going through major life transitions like divorce. The program offers tools, education, and guidance for women who need extra support in managing their finances during difficult times.
To listen to the episode go here!
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