Women & Money: The Shit We Don't Talk About!
Women & Money: The Shit We Don't Talk About!
Financial Confidence from First Job to Retirement with Galia Gichon
What’s the #1 money move every woman needs to make?
Whether you’re just starting your career, navigating a divorce, or planning for retirement, developing financial confidence is critical. In this episode, we’re talking through the must-know money strategies for women- because life happens, and you need to be prepared.
Our guest today is Galia Gichon- an independent financial expert with over 20 years in the industry, including nearly a decade on Wall Street. She’s also an angel investor, educator, and an author sharing more on her book The Accidental Suffragist in this episode. She’s also a fellow podcaster, co-hosting the podcast Fiscal Firecrackers with actress Susan Yeagley- where funny finally meets money!
One of the biggest takeaways from this conversation? Every woman needs a financial safety net. No matter your situation- whether you're single, in a relationship, or even in a high-earning career- you must have money set aside that is completely your own. Why? Because life is unpredictable.
Galia also shared around one of the most financially challenging life transitions: divorce. If you're going through it (or ever need to in the future), there are so many financial factors to consider. Child support, retirement savings, decisions around property ownership, these are incredibly overwhelming. It’s not always a simple 50/50 split, especially when women have taken time off for childcare or worked part-time to support the family over the years. It is so important to have guidance and knowledge during difficult times such as these.
If you’re a woman who wants to take control of her finances, navigate major life transitions, or simply build confidence when it comes to money- this episode is for you.
Got a unique financial story to share? Whether it’s about crushing debt, building wealth, an unexpected windfall, or just a wild money moment, we want to hear it! Or are you a professional who helps women with money? If you’re a financial coach, attorney, CPA, or work in any area that empowers women financially, we’d love to hear from you too! Your story could inspire our community of women. Fill out our intake form here!
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Barb: [00:00:00] It's so interesting, Mags, when I was thinking about this article I recently read that showed what we already know that women business owners when they're pitching to VCs or venture capitalists they get less than three percent of venture capitalist funding and women of color get less than half of that.
And what's just so disappointing about that is more and more women are really trying to open more businesses. They are opening more businesses and they've had to bootstrap it. Just like you and I have. Funding is really hard to come by. So it was interesting to talk to Galia. I mean, she's got so many interesting elements about her and her career, but one thing is that she is an angel investor.
And she not only started investing, But she's also created a whole organization around it. She gave us some interesting tips around those who are trying to pitch to a VC and what they're looking for. [00:01:00] And of course, as you said, on Shark Tank, what are they looking for? Return on their investment for the first and foremost, right out of the gate.
So, it was interesting to hear her of it and love, love that she invests in women owned businesses and her whole group of women investors invest in women owned businesses. So we know they're out there, few and far between, but it was interesting to talk to her about that.
Maggie: It's that magic of being able to build your own financial success and then turn around and help others. And to have more people at that table who look like you, who are women or women of color or, LGBTQ community, whoever that is. So often these, investors or these people with these big pockets have always been these, white men.
who, some are great allies, but, to get more funding in the hands of women I'm not surprised that it's, being refunded by these other women who have grown and who are turning back around and helping them out. And so, [00:02:00] to me It's exciting to see that these women are out here and gives me so much excitement of that's 100 percent something I would love to do in the future, is to help businesses like ours, when we make such a great profit to turn back around and invest in those companies and help them live out their dream.
And I know we've talked in some of these episodes how, when women rise, all boats rise. Like the economy's better. More people are employed. These women owned businesses are. Doing so well financially so it'd be so exciting to be part of that and to be able to give back in that way.
Barb: Yeah. But let's face it, it's not a free handout. It is really, they're looking for companies who Have it together. And one thing she said is you need to know your numbers, right? And as business owners, we need to know our numbers and we engage in our accountant to really help us understand because we're not accountants, we're not CPAs, but really understand our balance sheets, our P and L.
And that's something we've really dedicated to this year. And it's very [00:03:00] similar to what we're asking women to do is really understand your numbers from a personal standpoint your debt, your mortgage payments, your. income, your cash flow, all of that from a personal standpoint, because let's face it, every single family is its own little mini organization of cash flow and savings and assets and liabilities and all of that.
So knowing your numbers is really important. And I am not a numbers person. And I. Have to learn it like everybody else. I'm always as an educator, I come from a heartfelt, notion that let's help women understand their numbers from an educational standpoint. But really you need to know the hard, fast facts when you're pitching to a VC around your numbers.
And I love that she said that she gave us some insights on that, but that also comes from her. The fact that she was a finance major, she worked on Wall Street, she's super numbers oriented. The other side of her is that she really wants to see [00:04:00] women succeed. And so she does so much teaching around financial literacy and helping women understand.
And the one thing she said is, women need to take the risk, whatever that looks like for them.
Maggie: And I get, like, when people say that they're not a numbers person, but if you're gonna ask for somebody else's money, you have to prove that you know your own numbers. Because like we said, this is not just a handout. It's not a donation, but it's something to really help build your business. And, something that she mentioned as well is, she wants to be a successful angel investor with her partners and her businesses.
But that also shows the statistics of look how well investing in women owned businesses are doing. And so if you just invested in anyone whether if they know their numbers or not. Your number of results and your success is not going to be a good number. And then it's going to be like investing women businesses, if it is a 50, 50 shot, and so you do have to go in at the beginning with that information, with those statistics because you do want the best outcome.
And so of course, not everyone's going to be a fit. Not everyone's [00:05:00] the right time. And so that's, it's so important because we want to reflect going forward that we are a good investment, that this isn't a good opportunity. It's not just something that's falling flat or looking for a donation or something of that nature.
Barb: That's right. So just like from a business perspective, knowing your numbers, it's also so, so important as we say to women, know your numbers, know at any point in time, what you have in your checking account, what you have in your savings account, what you have in your 401k, what you have in real estate, what your mortgage payment is, what your cash outflow is, or bill payment outflow is monthly.
And these are numbers that you should at least know by ballpark. And we have so many tools and resources so that you can figure out what those numbers are. Because once you have the data, the information, that's when you can make really good financial decisions for building a fantastic financial future.
Maggie: Yeah, 100%. And that's what we talk about in this episode is that The education, the foundations, the taking action is just so [00:06:00] important so you can get that choice. And choice is such a key thing in this episode as well as that's what we really want money to do for us. So I think this is going to be a great episode for everyone to tune in and I'm excited to get what everyone else's thoughts.
Barb: Let's get started.
Gloria Steinem once said, we will never solve the feminization of power until we solve the masculinity of wealth. Barbara Provost and Maggie Nielsen are the team at purse strings that will help you navigate the ins and outs of financial independence so that you can be financially fearless. This is women in money, the shit we don't talk about.
Maggie: Today we are honored to have Galia on our podcast and she is a podcaster. She is an author. She helps women with money. I mean, [00:07:00] she has done it all. She's an angel investor as well. I am, thrilled to have her as a guest on our podcast today. So before we dive in, could you introduce yourself to the audience, who you are and all these great things that you're doing?
Galia: Sure. Thank you. First of all, thank you for inviting me. I'm really honored. I'm loving the mother daughter thing here. Like I'm going to hang up and call my daughters and be like, all right, stop everything. This is what we're doing. So you are inspiring me as well. So thank you. My name is Galia Gishan.
I have worked in finance and financial services really my whole career. I have an undergrad degree in finance from University of Florida, which is where I grew up. And then right away I went to Wall Street and just said, Okay, I'm going to work on Wall Street and make a lot of money because that's what you do.
And like immediately I was like, Okay, I like this, but how can I put it to better use? So from the get go I said, Alright, I want to really help women with financial literacy. That was really just very early on. And it was just as simple as Wait, you don't have a 401k? Doesn't everybody know how to do that?
They don't, or isn't budgeting easy? Doesn't everybody do that? So things that I took for granted because I am good with money and [00:08:00] finance. And I joke, I have a long list of things I'm not good with. But, money and personal finance I was from the get go. So I really wanted to teach women about money especially when I got married and had children, and I knew that I really couldn't work Wall Street hours, so I did that for a little over 10 years and I said, let me focus on really financial education from the get go.
I said, we want to teach people how to do it. It's teach a person to fish, bring them to the water, so versus just like doing it for themselves I also found that the people who were teaching a lot of times were also just had the really bias of let me sell you something and so I wanted to really create an independent place and then.
You can create your own relationships. So I taught personal finance and investing. I taught at Barnard College. I taught at the Freelancers Union in New York City. And I ended up working with creatives and freelancers and entrepreneurs. And, as someone who's got such a strong financial background, I was really like, Oh my God, I love the creativity because I don't have it in my life and it was just exciting.
I've been in this arena for a long time, and I found I really enjoyed teaching and, helping someone who maybe only had 5, 000, say, versus 5 million. [00:09:00] And then I wrote a book, and it let me have a career and raise my children and have them see me as a working mother, bring in money, first and foremost, create retirement and savings and security, and also have flexibility and power in my life.
And that was something that was really important to me.
And so that was downturn with finance. I still do it. I still teach. It's not the majority of where I spend my time, but I still do that every week in some area. And I found that I really wanted to just continue giving, to me, it's all about giving you the tools and giving you the empowerment so that you can make your choices and do whatever you want.
And then just really by chance on a personal note, I started getting into angel investing. And the bug bit me. The bug bit me. I loved it because it was almost like immediate gratification. Because I thought, okay if I invest five or ten thousand dollars in a company that supports my mission, which is women led or underrepresented, founder, impact, I can make money.
They can have a successful business, and right away I lost a lot of money. Because I [00:10:00] was thinking more of it as like a non profit or volunteer versus no, I have to make money. And now that's more first and foremost. I just really started getting into angel investing on an individual basis and then on a group basis and a fund basis.
And now I actually run a small fund.
Barb: Oh, wow.
Galia: I'm in LP and funds around the country. I've really built a whole community. I live in Connecticut, so I'm outside of New York, Boston, but I've built a community nationwide. And we our sole focus is really about represent investing in underrepresented founders.
And to me, that's about just. It's supporting our economy,
It's supporting businesses, and it's also just like giving women and these underrepresented founders tools so they can have choices and financial empowerment. And I have two daughters and I'm really proud of them and they're already like, launching just independent careers and and that's to me about no matter what you do is just having your independence and having financial literacy.
It's just my soapbox. Oh, and I wrote a book.
You wrote a book and we're going to talk all about that, which is [00:11:00] fantastic.So that's who I am. Financial literacy is the tool and it's a thread in everything I've done. It's for the podcast, it's working on Wall Street, it's teaching, it's investing.
Barb: Fantastic. Yeah, and it's such a big need out there as we navigate the same similar waters. So many women have so many questions and they're afraid to talk about money. That's why we named our podcast women and money the shit we don't talk about and we're trying to really open that conversation up.
Over and over again, because as we say, if we're not talking about money, we're not learning about money. So, we're so grateful to have you here today, and we'd love to dig in a little bit, ask you a few questions. And one is, as you work with people, through so many different life transitions, how does financial planning change when you're moving from one stage of life to another?
Whether for your first job, or you're getting married, which is It's a big transition. I think when you're bringing somebody else into your financial discussions retirement, all of that,
Galia: I would [00:12:00] start by saying that rarely does financial planning happen when you just are like, Oh, I just need to check up. It usually happens because there's something in your life that's triggering it, like a new baby, or getting married, or a divorce, So that's number one, but two, it's, I think the main difference is timing.
So when you're young and in your 20s and 30s and you might, if that's at the stage that you're at, like you really think, Oh, I have the whole world, I have the whole time in the world to do it. Whereas if you're in your 50s and 60s you don't have as much time. So since you don't have the power of compounding and compound interest.
So that's the main difference. That will affect how you invest your money because you can take on more risk at a younger age versus when you're older and you really need your money in five, 10 years. And then I think also the real estate plays a component because very often is you're younger, you're saving for whether it's the down payment or you still have a big mortgage.
And when you're older, the real estate is okay. You know what I find or I've seen couples that have their house paid off, but they're like, okay, so here's an asset. I still need to live somewhere, but what do I do with that? So that's a lot of [00:13:00] different decisions around that. So I'd say those, and then also life insurance or insurance policies, because you don't need them again at that later stage.
Barb: So what do you do with them? And those can be some tough decisions as well.What do you see as some of the biggest financial challenges that women face as they navigate their lives and how do they overcome those?
Galia: So the first is just women don't take the risk and I'm just generalizing, but just take the risk. Just do it. And I can give you some tools on how to, but, we actually thought about with our fund, because we're all women LPs, investors, is we were going to have a poker night and which is very common.
And obviously it would just be play money, but the whole purpose is to teach women how to take on risk. Right? So have fun, right? And I don't play poker. I don't know how. So I was like, sure, sign me up. Number one is women are just, we're really great with the day to day decisions, but we're not necessarily comfortable with the bigger long term, like buying a house or investing we're great about oh, let's budget for a trip or renovation or down payment.
But, so I think it's really just get [00:14:00] comfortable with taking risk and own the money decisions. What I see are the decisions are left to. their spouse, their partner, their parent, their financial advisor.
So, take back that power. So a few things is, swap money duties.
Say, you know what, you do the day to day pills and I'll do the mutual fund checkups for the next year. Let's just swap that. Number, two, if you have money with Anybody, take 10, 000 on your own and say I'm just going to open an account at Fidelity or Vanguard. It'll still be in both our names, but let me own this money.
Let me say I'm going to take 10, 000 and just start investing and figure out how to do it. And I say 10, 000 as it's a small amount. Maybe that's all you've got, so then take 1, 000.
Barb: Right.
Galia: If you have a financial advisor, meet with them alone. And again, this isn't a point of doing it secretive or behind anyone's back, but it's just you're going to, it's going to be scary, but meet that financial advisor alone, meet with the estate planning attorney alone, just to have a few sessions so that you can really say, okay, here's the attention on me that I can ask the questions[00:15:00]
Barb: That's such an excellent idea because, the number one thing women told us is that when they meet with their financial advisor doesn't even look at them.
Galia: and find somebody new. There's some great financial advisors, I'm sorry. There's great advisors, but if they're not going to, that's. That's BS.
Barb: It is and it's horrific,
Galia: Horrific. And I've had that happen to me too. I always say my father, so I'm divorced, my ex, my father used to always call my ex husband and say and I'm very close with my ex, we have a great relationship, but he'd be like Adam, what do you think about this insurance policy?
And Adam's I don't know, ask Galia. So my own father wouldn't even talk to me about it.
Barb: That's the I mean, we've been inculturated into this model where the money discussion is only between the men, and it's hurt women so much because women are statistically going to outlive their spouse, their male spouse, and they're going to age alone. And if they haven't stepped in and gained control of their finances or learned, that's not a really good time to start learning.
Galia: it doesn't get easier,
Barb: It doesn't [00:16:00] get easier. And I feel that's where women open the bag. They're given this bag that kind of says, Oh, this is what you get for the rest of your life. And they don't really know because they haven't been part of the discussion. So part of our mission is to say to women like you are, get in front of it, learn, take a risk try things, ask people.
Get out there and learn and take charge of your financial power.
Galia: And women, I mean, in addition to outliving men, we also take, what is it, like 11 years off? Between caring for children and parents. I'm dealing with an aging mother now. Oh my it's a chunk of my time. It's like an absolute commitment. So, and again, that's who we are. That's what, I'm not saying don't do it, but as a result, it's even more important to really know how much you need for money and own it.
Barb: Yeah. And caregiving is, like we say, a tsunami coming our way because as this population is aging, we are all, as women, statistically, they take on the caregiving role. They're going to be responsible for taking care of an aging parent an [00:17:00] in law, maybe a sick child or a disabled child. They're the ones who take on that lion's share of that work.
Which also takes them out of the workforce and it's a woman's issue and it's a financial issue. So we really need to start thinking about all the reasons why we need to step in to our financial power today and just get started.
Galia: Right.
Maggie: Yeah. And so it is about overcoming any of those fears, getting that education and kind of, overcoming those bad money messages that we have received, all these different things. And so, and that's why I love that you're not only helping women with their finances, but then you're also being an angel investor.
And as we know, as business owners, women get. 1, 2%, 3 percent of some of that funding and, women of color even get less. And so to have more women to be able to, A, educate about your finances, but B, turn back around and help fund you and help you with that process is super amazing.
And so, with your experience being an angel [00:18:00] investor, what role does financial literacy, play for women who are looking to start a business or invest in those new ventures? Thanks.
Galia: mean, first of all I'm loving this part of my career, my chapter, like loving it, like I've always loved the financial empowerment, at the end of the day, when you do financial planning for a long time, you're like, it's not that different but I'm just, I'm, I really am like enjoying my day to day these days.
So I'm excited about this. So some great advice somebody gave me is at the end of the day, as an investor, your number one goal is ROI.
You need to think as an investors, how can I get my money back? And I'm a numbers person, so that's easy. So what I say that to, number one, to the companies that are either pitching me, and I think I talked to 80 companies last year and we invested in seven is that I want to invest in you.
I want to support, like I've got 37 women behind me, including my own money, and I want to invest in you as a woman or person of color. But if I don't make money, it doesn't make sense. So number one is tell me how I'm going to make my money. So just number one, tell me how I'm going to get my money back as an investor in five, seven [00:19:00] years, five times return, blah, blah, blah.
So that's number one. Like they should be doing that, but if they're not, I'm telling you, I'm telling them to tell me right away because I'm a fiduciary and if I don't get my money back, it perpetuates a system. And it's even more Oh, I see the woman owned businesses can't do it. So. Don't think of me as a woman.
Think of me as an investor and so then tell everybody else. So that's number one. And number two, own your numbers. So if I say to you, when are you going to break even? What is your cash flow? Like how much is, what is your monthly runway? Like very, Basic fundamental numbers for a startup own that don't say, Oh, let me talk to my partner.
Let me talk to the CFO or let me talk to the bookkeeper. No, no own it. Even if you're not the financial person to own the numbers. And I would say that's a little bit the difference between the successful startups and the non. Is not owning the numbers get to know your PNL and it changes. It's I mean, look for a startup.
It's a forecast, it's a projected
But own it, just say, you know what? We've got this probability dah and I have seen a lot of nonfinancial people get comfortable with that. So what was interesting, I think what has been, so those are just [00:20:00] the two things ROI and own the numbers and they're just, that's someone else said this to me and it was actually from an Harvard business school.
Angel group. And I thought this was really helpful, so I'm giving them credit. So if you have your pitch deck, which has 10 12 slides, let there be a number with each slide. So the first is, what is the problem? The problem is 20 million people in this don't eat gluten. I'm just making it up. That's a number now.
So, we want to go to 3, 000 stores. Put a number with each slide. I don't know, so I thought that always struck a chord with me. And then the last thing that I would say about this is just the numbers and is, What I found is the first part of like my angel investing career is I was like, Oh, let me just try to convince men, the VC firms, the angel firms to invest in the women and it wasn't working so well.
So we were like, okay, let's get more women on the cap table, which means get more women investors. So now it's really let's raise these funds where women are the investors. Cause we're going to invest in what we know, what we like. So,
Maggie: Yeah, we always talk about, us spending [00:21:00] our money is voting with our dollars or, putting our money where our mouth is, which is really what you're doing. You're turning back around and putting that money in women owned business and businesses of women of color. But you are so right about owning those numbers.
And sometimes I know I keep relating back to shark tank on some of these episodes, but when you watch that and it seems sometimes they're really trying to cut to the chase, but it's like. If you don't know the numbers, if this was your money, anytime you invest money, you're asking, why am I putting in the stock market?
What do I expect to get back? So it's a very common question that you have to be very clear to explain. And as business owners, we also have that experience of, you're so in your business, so you really have to make sure it. Make sense to the person who doesn't know your business, and you can really explain that model or that income process because you're so steeped in it.
Of course, you know how that's going to work, but you have to learn how to convey that to somebody else, which sometimes can be the hardest part as
Galia: Yeah. Yeah,
Barb: Yeah. Awesome. And, this podcast, we're going to be sharing it during [00:22:00] Women's History Month, which is big month for us in March. Sweet and sour, right? I mean, we're celebrating it, but is there a lot to really be celebrated? I mean, it's a double edged sword, but what role do you see financial empowerment playing in the broader movement of women's rights and equalities?
Galia: Oh my gosh. It is just a cornerstone. It is a foundation. It's a little bit, what I started with is that we just want to give women choices. Yeah. So they can choose to do what they want with their life. Take the job they want versus a necessity. Live in an area that may be good for their children versus just what they can afford.
If they're in an unhappy situation, leave it. And unfortunately money is the first part there. You can't do any of those things without money. So, There's obviously, it's like Maslow's hierarchy of needs and like happiness is the last one. So, but if you have financial security and empowerment, you can make those choices for you in your life.
So, and the choices around equality and getting paid and being in a situation [00:23:00] like, if this job sucks because they're not giving me the promotion and fine, then. I'll find another job or I will start my own business and I can only do those things if I have financial security or if I know, that's to me how it's really paired.
I've read the book, Let Them recently, the Mel Robbins book. And and she, the chapter on work, and obviously I haven't worked in corporate America for a long time, but it's if this job isn't working, let them not promote me and all this, but then let me find a new job or find a business or so, that's how I look at it.
But again, if you don't have the financial security, if you don't have the empowerment, you can't do those things.
Barb: Exactly. It's all about the financial foundation gives you choices So you're not stuck and we just spoke with a lovely woman who you know suffered so much abuse in her life Financial abuse included and if you don't tuck away that 5 a paycheck, whatever it might be $20 here and there. Going to the grocery store and [00:24:00] buying yourself a $20 gift card for when you might need it for yourself.
I mean, if you're in an abusive situation or just. When you're out there earning your fair share, tucking away that money for your future. Your future self will thank you because if it happens, it's when it happens. Something's going to happen. So we heed that message all the time. You need to get some money of your own and have it in a place that's safe and secure that you can access because you will need it at some point.
Galia: You will, and maybe you don't need it, and then great, you take a fantastic vacation. But you will need it. You will. We all do.
Maggie: To piggyback into choices, especially during Women's History Month, I love to recognize the fact that now we do have some choices as before, we didn't have the choice to get a credit card because we weren't allowed to do it, or we didn't have the choice to invest in real estate because that wasn't allowed either.
And so not only Are we educated about these choices, but other women have fought [00:25:00] for us to get these choices and we have to be able to honor that and take advantage of that and not just let that slide, but give things I think as well for that opportunity that has been presented to us.
Galia: Absolutely. No, that's a great point.
Maggie: And so if there are women out there who are navigating a divorce, what are some of the most important financial aspects they should be aware of, especially when it comes to equality compensation or retirement savings, all those different aspects.
Galia: What's a little bit what we were talking about before is that on the whole women don't make as much because they've taken time off for child care or for, aging parents. So just make, really be clear on what you need for retirement. So it's not 50 50, unfortunately, because you might not have the earning power now that you're divorced because you took some time off, or you worked less, or you worked part time, and no judgment there.
So just, if you're going to need 100, 000 a year in retirement, make sure, work backwards. Get the financial calculators, work with the financial planner, who can say this is really the pot of money that you're going to need to have the [00:26:00] retirement that you might have had. And you're going to have to catch up.
So again, it shouldn't be 50 50 from that standpoint. And then with child support. Oh my goodness. If the money is there, if it's not there, it's not there. There's nothing you can do, but I am divorced. I've had two children. It's like things cost more than you think they do, and you want to save for college, but I mean, it's, you also want to save for yourself for retirement.
So. Just assume you're going to need more, and the other thing is if you have to go back to work because you're getting divorced, which is common as well you now have a child care issue and option, which, so again, how are you going to pay? And I think people just don't regard that, they, and I've seen, I've worked with clients that are going through a divorce and, you get that spreadsheet from like the lawyer or the mediator and it's four pages, like it's fine print and you're just like overwhelmed with it.
So, so, get the support around that. Okay. Could, I would say that I, um, there's, I think the issue of, and maybe there's a slight skills that, people have to go back to work, but they can't go back right away because they took time [00:27:00] off. And so they might have to take classes to learn something new, or maybe they have to take like a starter job and then get promoted.
So take that into account because, yes, it would be great if you could just go back to work and make the six figures. But what if you can't? What if it'll take you a few years or you might not? So I think being realistic, but just the other thing is that I worked with a client who fought tooth and nail to keep the house and keep it in her name and get it and it's ended up being like a really, I think, great asset for her for security.
Few clients that and it was hard to do that. It was hard to think about that, but I think if you can, and if it works financially, like having that asset can actually like really help you.
Barb: Yeah. Yeah. There's a lot to consider when you're going through divorce, I've been through it myself and, it's not the same road for everybody and so you just really need to make sure you're working with experts who can help give you data, the information you need to make a good, swift decision.
And [00:28:00] not to make it too swiftly, right? Not just say, I got to get through this. Let's just whatever make it happen, but really think through every single one of those financial decisions before you sign any document, because you can't undo that.
Galia: Right. And one other thing that I would add is Talk to people, because I think that, again, having gone through a divorce, and again, we were amicable, which is unusual, and But it's a very shameful time of our lives,
Feel like, we've, there's children involved, we feel like we've failed, we've, nobody skits me or anything thinking they're gonna get divorced, so it can be a really emotional, and I say shameful, it's not A shameful thing that you're doing, but I know there's a lot of shame, so as a result, you don't want to talk to anybody, you don't want to like, tell people, but I know for me that, and I'm obviously like, know my finances, like that was the easy part, but just talking to my friends who went through it, and just being really honest, being like, okay, what do you think about child support versus alimony, and da and, should we keep things under names, or should we not, things that the lawyer, the mediator, but like, why not talk to your friends about it?
Barb: Right.
Galia: And I think [00:29:00] it's a support, but but most people don't because it's such a, they're like, I'm going through a divorce. I can't talk about it. Right.
Maggie: I know who's been through it all has something like, I wish I knew, I wish someone told me. So be that person who asks for that information. As I know, people don't always want to give that unsolicited advice around a divorce, or you don't always know someone's going through it. But I'm sure, if you ask for it, other people do have those great tips because many, 50 percent of people have gone through this and so many I talked to say, I wish I knew.
And there's something else in that blank. So we do have to have these open conversations and that's why we have to keep talking about these things.
Galia: and it's back to the first step is women don't talk about money.
Maggie: Yup.
Galia: And this isn't a moaning complaining session. This is Hey, I'm getting divorced. How can I make sure that I'm getting the best thing that I can get? I don't want to trash my partner or my ex.
This isn't the goal of that. This is really it's going to be a frigging big life change. I forget about the emotional stuff, but how can I make sure, or why are we not talking about money? Oh my gosh, I listened to this great [00:30:00] podcast. Let's do this. Here's the action item we should take.
Let's open the mutual fund. Let's have a dinner where we invite three friends and say, Hey, what did you do? Or. Or just let's learn about angel. I don't, just I'm a big action step person.
Barb: Yeah. I love that. And we love to get women in community, as we are here at Purse Strings, to start talking about money and having those exact conversations. So, but Galia, tell us now about your book. We want to hear about it.
Galia: So I moved from New York city to Connecticut about 10 years ago. And I personally was just really lost. I was Just, it was like kids and PTA and all those great things and I just was like, okay, I love my kids, but I, so, the town that I live in actually has some really great writers. And so I, oops, there goes my light.
It just stopped working. My backlight. So it's not too
Barb: Looks good.
Galia: Okay. Anyway, long story short, there's a lot of writer studios in the town that I live in Connecticut, and I wrote research. I wrote Wall Street research for 10 years, so, and I love to read. I've always been an avid fiction reader, so I really just started taking these classes just to [00:31:00] have an interest that wasn't work, kids, or just to meet some new people in my community, and it did take seven years, but I'm very goal oriented, and I just, I was always passionate about historical fiction and the suffragist, and initially Susan B.
Anthony, and I just started writing this book and really the time period that stood out was the last part which is 1910, 12 to 1919. And so much happened in that short period of time versus the decades before. And, I don't know, it just, the book, I wrote, I rewrote, I worked, and I, truthfully, I go to class every week.
I'm finishing my second novel now. It's completely different, but yeah, it's just, it's been a great outlet. It's been a great place for me to meet new people. I'm now on the board now, actually, of my writer's workshop. So it's, and then I ended up getting an agent and I got a publisher, which, it's not, it wasn't a big age, a big publisher, but I did get a published and, definitely sold like a few thousand copies and it got turned into an audio book.
And
Barb: So what's the name of
Galia: So it's called The Accidental Suffragist and it's [00:32:00] a fictional book, so the main character is fictional. She's Helen Fox, and she comes from a very poor working class background. And she accidentally gets involved in the suffragist movement, which were mostly upper class wealthy women. So that's why it's called Accidentally.
And there's a reason why she gets involved, which, you'll find out soon enough in the chapters. So it's really, it's a class issue because she had to work.
Kids living in the tenement projects. There's a lot of these women we're, and we were lucky, it's what you were saying Maggie, that we're lucky that we can get, open a credit card and things like that, so we're lucky that these women were, the wealthy women were able to.
Maggie: Yeah.
Galia: Dedicate their lives, but there was a huge class issue there so, so it's really, it's her personal struggle, it's class struggle, and then it just tells a story, like here I am, I'm an educated woman, I have an MBA, I didn't know any of this stuff, right?
Barb: I know.
Galia: anything about the suffragist movement and the fight to get it, the equal voting.
I did not know any of it. It's not taught in school. It's not taught in colleges unless you're a women's studies major, which is [00:33:00] great, but I wasn't. I was a finance major. I was an accounting major and then I
Barb: And you should have still learned about it. It has everything to do with that.
Galia: I mean, to me, the historical the ending part is a true story where they end up going to prison and this horrible things happen in the prison, and it's true.
It's historical. So, it was just really fun for me to write. It was educational, it was interesting, it was fascinating, and yeah, so I, I really loved it. Yeah, and so now I have an outlet of writing, which I, has become, especially as my kids got older, and now they've left the house, so I love my writing, like, when I go on vacation, or I travel, I bring my iPad with me, I write on the train to New York City, so it's, and I write every week, I go to class every week.
Barb: Wonderful. Then that's a, it's just a perfect book to drop and to share during Women's History Month. That's perfect.
Galia: Thank
Maggie: I think it's also so inspirational that you leaned in and followed what you like to do. You took that time out for yourself. So many of us don't put that aside as we put everyone else first. But you did really lean into that [00:34:00] passion. And so many people would be like, writing a book is silly.
I'm never going to get there. It took seven years. Can you believe that? It's no, I got it done. I did it. I sucked. through it, and I have this great outlet now. And so I think it's so important just to follow that gut calling that we have and be willing to invest that time or money into ourselves, rather, paying for the course or just showing up it's just such an inspiration to really follow that follow that calling that comes and, otherwise you wouldn't have been able to put out this amazing work into the world and spread this message even more.
So I think that's so inspirational to really follow that path.
Galia: And I, I will say that I think with money, there's the lesson is goes across that because we're not meant to do this alone.
Maggie: Yeah.
Galia: So I don't think I would have written this book if I wasn't taking the classes at the workshop. So if many, if you're listening to this podcast and you're like, yes, I want to do those things, find a friend, take a
Like we're not meant to sit in a vacuum and do these things alone. So it's why classes work or personal trainers or coaches or I mean, I'm a big fan of all that support. So [00:35:00] I wrote the book definitely because of the workshop. And if you're really listening to this and you're like, I need to do these things, find an independent financial planner.
There's things that you can do, but don't do it alone. We're not meant to do it alone.
Barb: right. We're big into community. That's what we're all about. So I love it. We have one final question for you and that's What does financial freedom look like to you?
Galia: That was the funnest one to answer. Traveling. I love to travel. I've always loved it and I really, so it's traveling with my loved ones and creating memories with my children. I have a partner, my close friends that are like family. So, just. This year I think I'm going to four countries. Last year I went to three countries.
I love traveling and I want to, if I have really close friends or family that can't afford it, I want to be able to take them with me. And I want to have a home that I can host people and host my children. So, those are two things. I really like fostering those memories.
Maggie: I love that. Yeah, it's all about making those memories and bringing around those people [00:36:00] that you love, which you can really see, in your values there. And really emphasizing that. So that's a great definition to me of financial freedom.
Galia: Yeah. And then spa too. I'll throw in a spa in
Maggie: We could throw in the spot.
Galia: Massages, saunas, cold plunges.
Barb: You're speaking my language
Galia: And Iceland. That was when I went to Iceland. They have these, if you haven't traveled to Iceland, they have these springs like the Blue Lagoon and they're just, I mean, that is like perfect there because it's hot.
It's cold. It's beautiful. It's natural. It's outdoors, but it's, yeah. So anyway. Yes.
Maggie: want to thank you for coming on and sharing your expertise and your story, as I think it's inspiring for so many, but you also have so much great information in here to share as well. So we're going to make sure we have all your links in the show notes, as well as that link to the accidental suffragist.
And then when is your new book coming out? Do we have a release date
Galia: No
Maggie: Okay.
Galia: I, thank you. I'm finishing the draft and I'm, I have a publisher who's interested, but they haven't signed the, they haven't signed on yet. So.
Maggie: Then we're going to send good [00:37:00] vibes and can't wait to hear more
Galia: It only took me 3 years to write the 2nd one.
Barb: Wow.
Maggie: going to pass either way, right? It's
Galia: exactly. Yeah, and I mean, look I am goal oriented, but to be honest I love just like writing it and sharing it, and I'm workshopping it, when I say sharing it like that, and just,
Barb: Enjoy the process
Galia: no, I have really enjoyed that. You have to, otherwise it's, if you're not enjoying it, don't do it, right?
Barb: Exactly.
Galia: Thank you. I'm so, like I said, I'm inspired that the two of you are doing this together. You're doing this as mother daughter and then obviously just continuing to really spread the message of financial empowerment and literacy.
Maggie: Yeah. This has been so much fun. Thank you for coming on today and we'll be in touch soon. So until then everyone be financially fearless.
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