Kimberly Wright: Money Talks with Female Leaders
Kimberly Wright is a consummate "connector" who excels at networking and helping others do the same. She is a passionate supporter of business women, helping them succeed in the leadership roles to which God has called them. After working in operational leadership roles in the non-profit space, helping Christian business women bring their faith to work, she is now running her own business, Perception Leadership. Utilizing her education and more than 20 years of leadership experience, she helps women grow in their confidence and effectiveness as leaders through the three measures of Examine, Equip, and Empower. Perception Leadership has been created to help narrow the gap between self-perception and truth so leaders can lead with confidence and have a greater impact in their workplace.
Money Talks are hosted by Lisa Clements, owner of Clear Springs Wealth. (www.clearspringswealth.com)
Lisa is a financial strategist and investment manager who specializes in helping professional female leaders secure their financial future. She builds ongoing relationships with her clients, helping them save money in taxes, build wealth through investments, and make sound financial decisions for the future.
Lisa can be reached at: lisa@clearspringswealth.com
How To Connect with Lisa:
•Download 3 Free Savings Hacks 1 Page PDF
•Ask Lisa a question on Instagram
•Submit a money question for Lisa to answer in an upcoming episode: Email lisa@clearspringswealth.com
Transcript:
[00:00:00] In Money Talks with Female Leaders, join us as we hear professional female leaders share their personal experiences with money. You'll learn we can speak openly about money. It's not shameful to want to make a lot of money. And that you're not alone, no matter your money struggles. Together, we will become stronger advocates for ourselves and other women through Money Talks.
Enjoy today's show.
[00:00:23] Lisa: Hello, Kimberly. Thank you so much for making the time today.
[00:00:28] Kimberly: Thank you. I'm honored to be here. I'm excited to be doing this with you. This is great.
[00:00:32] Lisa: Good. Good. Now, for our listeners, you and I haven't known each other that long. We met about gosh, six to eight months ago, at a workshop. Is that about right?
[00:00:44] Kimberly: Yes, I don't remember when it was, but it was a workshop about stress and testing your stress level. And I remember that part, because I was very stressed.
[00:00:54] Lisa: Yes, exactly. Where you're at the workshop and you're thinking, I shouldn't [00:01:00] be at this workshop. I should be doing other things.
Tell us a little bit about you. I'd love for you to share your family. Are you married, kids, pets? And then highlight for us your career trajectory... what you've been doing, and then where you are right now as you sit today and look to the future.
[00:01:20] Kimberly: Okay. I am married. I've been married 27 years I think, this past September, so I guess we're working towards 28. And we have four children... three boys and a girl. My oldest is 23, then I have a 20-year-old, an 18-year-old, and my daughter's 17, and a senior in high school, so we are so close to that high school finish line kind of thing. And it's bittersweet for sure. And we do not have any pets. I know that you ask that a lot. We are dog lovers, but yeah, we had a black lab and was literally the best dog in the entire world, and he's in doggy heaven. [00:02:00] The kids and I've been advocating for a new one... a new dog, but so far Dad said, "no." So that's where we stand on the dog situation.
[00:02:10] Lisa: Okay, we'll have to work on Dad a little bit.
[00:02:12] Kimberly: Yes. Yes. Everybody needs to write Dad, spam him with email. But career wise, so... I have a very, curvy path, if you will. It's always interesting because my husband, he started in wireless telecommunications in '96 or '95, excuse me, '95. And he's literally been in that industry his entire career.
And I have been, I feel like in so many different spaces and different careers. We've lived in four different states because of his job. So I, I actually was pre-law in college, and was going to go to law school. And when it came time to go to law school and take the LSAT, I completely chickened out.
But I worked in law firms for a while. Then I moved into oil and [00:03:00] gas accounting, and I learned accounting. I've worked with three non-profits, headed up one of them myself. And then I've done some larger company, corporate-type work as well, in different leadership positions.
That's a little my history. So I have a pretty diverse background on my resume, which is I guess a pro and a con. I don't know. I've got a versatile set of skills, if you will.
[00:03:26] Lisa: Where did you spend more time, in the non-profit world or in the corporate world?
[00:03:31] Kimberly: Probably the corporate world.
[00:03:33] Lisa: Okay.
[00:03:33] Kimberly: I probably spent about six years in non profit.
[00:03:37] Lisa: Okay. And in the corporate world, were you a program director or project manager?
[00:03:42] Kimberly: I was office manager, business manager. I did accounting. I did a lot of operations type stuff. I helped put processes in place. I problem-solved. I figured out what was wrong, and how could we provide solutions to that? [00:04:00] What could we do to improve? And so, that's my sweet spot. I love that. I'm a complete nerd about trying to problem solve things.
[00:04:07] Lisa: Oh, I love that. So today, where are you working today?
[00:04:11] Kimberly: So today, I'm in transition. I've left a non-profit space, a faith at work ministry, and I'm looking to be in that same space.
But, my husband and I are also entrepreneurs. And so we have two LLCs. And so I feel like you're never fully unemployed when you have something that you are always doing and investing in, and so forth.
[00:04:37] Lisa: All right. That's fantastic. And your goal is to continue to somehow support women as they bring faith into work. Is that fair?
[00:04:48] Kimberly: Very much yes. Even when I was working in a corporate job or leading the non-profit that I was... I was still, had a side [00:05:00] ministry, if you will... Speaking at women's business luncheons, business trainings, church events for women. And so that's really where my heart has been, for the past, gosh, 20 years... is to just serve women and encourage them.
[00:05:17] Lisa: Okay, very cool. Very cool. Let's transition into the meat of the interview, where I am very fascinated to learn about money in your history... the role it's played, how it's influenced you, how you spend it.
One of my goals is to help women get more comfortable talking about money. And that by talking about it, and being more casual about it, we help each other become more familiar with the language... and what certain jobs pay and those types of things. Let's start off with a little history. Why is money important to you?
[00:05:57] Kimberly: That's such a great question. And it's such a [00:06:00] multifaceted answer, because obviously it's so important because it keeps the roof over our heads, and it keeps us fed. It's just, it's a practical tool. But it's also, I think, important that I, because I bring, my faith into everything that I do, and that includes money... overcoming some of the past beliefs that I was raised on and so forth. Which I know that we'll dive into, I'm sure.
So I love that you're doing this, because I agree, I think women... we need to have these conversations, because things can be so taboo and a certain salary or income is a relative term... what's a good salary versus what's not? So I'm so grateful that you're doing this. These conversations need to be had.
So for me, money's practical. We have to have it to exist, but we also, it opens the doors of opportunity to have experiences and to give and to serve and so [00:07:00] forth. So, it's very broad.
[00:07:03] Lisa: Okay. All right.Was money talked about at home while you were growing up?
[00:07:10] Kimberly: It was only talked about in scarcity.
And so my parents divorced when I was five. And my Mom, a single Mom... My Dad did not financially support us or, support me. At some point, he finally started giving $125 a month, which even in the '80s, that didn't cover anything. Looking back, I'm sure that my Mom must have been under a lot of financial stress when I lived with her. I spent a great deal of time living with my Grandma, her Mom. And Grandma had a very calm approach about money. Of, it's just something you need and something you have. And people who have it are not better than those who don't. It was just a very [00:08:00] healthy attitude. Whereas my Mom was not... neither of my parents are good financial managers. And my Mom, the attitude that she had about money really had to do more towards the people who had money, versus money itself.
[00:08:17] Lisa: Oh, okay. What was it about the people that had money?
[00:08:21] Kimberly: I think that she really struggled with her self worth. And so she believed that people with money, and again, that's such a relative term, right? When you don't have any money, anyone with just a little seems like they have a lot.
Anyone who she perceived that had money, she felt like they were better than her. They made her feel bad about herself, even though they did nothing wrong. That was her perception. And so therefore money was taboo. It was frowned upon.
[00:08:53] Lisa: Okay. How did that impact you as you moved from adolescence into adulthood?
[00:08:59] Kimberly: [00:09:00] That was a real struggle. That's something that I've had to battle with my entire life... to not have a poverty mindset. Because a poverty mindset really has nothing to do with money. It's an attitude.
[00:09:11] Lisa: Can you describe it a little for us? How you think about poverty mindset?
[00:09:16] Kimberly: It's just that there's never going to be enough, no matter how much you have. And so there's always this striving for more. And sometimes that can manifest itself of like, we have to buy more things, or more expensive things, or whatever it is to show that we have something. Or we self-sabotage and think, "Oh I can't afford that," or "I can't do that." So, we just hold ourselves back. Poverty mindset can really hold people back in their careers... negotiating salaries... they just feel unworthy.
[00:09:52] Lisa: How has that evolved over time for you? Do you feel like you still struggle with a poverty mindset? [00:10:00] Or, do you feel like you've evolved past it? Where do you think you are now on the continuum?
[00:10:06] Kimberly: I think I've made great strides. We'll say that. I've made really great strides. My husband will point out every once in a while, there will be something slip, just in my head that, I don't even recognize or realize that was minimalistic thinking. And he will call me out on it pretty quickly.
I'm pretty frugal with some things and so like we, we have our wedding silverware, that's really nice silverware. And then we have our everyday silverware. And so somehow with four kids, I know this isn't shocking to any mothers out there, but silverware just walks off.
It's like, all of a sudden, how did we used to have 30 forks? Now we have three? What happened?
[00:10:50] Lisa: Where is our silverware going?
[00:10:54] Kimberly: There's a silverware goblin in my house. It's the same one that eats [00:11:00] one sock. I don't know. And so I would go to Walmart to buy some more forks, for example.
And I end up buying these cheap ones that nobody wants to hold or use because they're flat and sharp and my husband's "What is this? What, why are you doing this?" And he's, "That's one of those examples of this poverty mindset... that we can't afford to spend a dollar on a fork. We have to buy the three for a dollar pack or something."
It's just... so there's really weird little things like that can pop up very easily. But sometimes, it's the bigger things, where I don't negotiate or ask for a raise, or negotiate for a salary more because, it's not a "need," quote unquote, to feed me and my children, even though it's what I've earned.
That's a poverty mindset.
[00:11:56] Lisa: Yeah. Yeah. We've talked about, and [00:12:00] I think we'll get into that a little bit more... but I know we had a brief conversation once about... Even today, there are small business owners and maybe even in corporate America, but more prevalent, I think among small business owners... where there's still that mindset of, "Oh, the man is the head of the family, and he needs to support his family. So we need to pay him enough that he can support his family."
Whereas the woman is married, and she has a husband who's a primary provider. The necessity for the equal compensation is diminished. I don't know. Yeah. Very interesting.
[00:12:41] Kimberly: Yes.
[00:12:41] Lisa: Moving through non-profits, corporate roles, a variety of opportunities in your career, how have you managed your finances? Is that something your husband just takes care of? Or is that something you manage for the family? Or some combination thereof?
[00:12:58] Kimberly: It's a combination. When we first [00:13:00] got married, he and I would trade off about every year to two years, of who handled the finance.
[00:13:06] Lisa: Ah.
[00:13:07] Kimberly: So that way, we both were in the loop. Now we do things entirely different. He puts everything into an Excel spreadsheet, and he has the budget out, and so forth. And with four kids and a career and all that, that was a no for me, I just had to keep moving. But we actually, in our 27 years...
I've been doing the finances probably the last 10 years or so. But we've had a lot of ups and downs in our income, if you will.
[00:13:40] Lisa: Okay.
[00:13:40] Kimberly: Because when we moved to a different state, I wouldn't continue working for whatever company. His job took him out there... took us to another state. So I basically left my job, and would either find another one or... we have no family here, we have no friends... I'm staying home, [00:14:00] and I'll do a part time thing or whatever.
And our income hasn't been consistent. And there's times you make sacrifices if you're choosing to not work, and to take care of kids first. And we also sent our kids to private school when we lived in Las Vegas. And that's costly for four children.
[00:14:21] Lisa: Yeah.
[00:14:21] Kimberly: It was a choice though, of how we're going to manage our money. And it meant we don't take vacations every year. We don't do this or that. We find something else to do that's lower income... would cost less for us. But yeah, so we've had a very fluctuating income in our 27 years.
[00:14:41] Lisa: Okay. What role has money played in how you've managed your career?
[00:14:48] Kimberly: I know that one of the things that you've asked people in the past, and so I'll tell you... is you've asked about a side hustle to make money?
[00:14:56] Lisa: Yeah.
[00:14:56] Kimberly: And so I did for 15 years. I continued it [00:15:00] on, even when I would go back to work for a while or so forth.
I sold anti-aging and wellness products for 15 years. And built a pretty good sales team. And I did it partly for income, but too, because I love to work. I love business. I love learning new skills and leadership skills. But yeah, it provided the private school tuition that we needed and those types of things. So... the extras.
[00:15:30] Lisa: Okay.
[00:15:31] Kimberly: Yeah. So that was, I guess a little bit of a money decision.
As a single woman, I've been able to pursue career opportunities without any restriction.
[00:15:44] Lisa: It would have been very different though, I think for me, had I been married and had a spouse who had a, an industry-specific career, like your husband.
How has that affected you? Like [00:16:00] you've made sacrifices for your husband's career, which took you from non-profit to corporate to different roles in corporate. Right? His job dictated the move, and you had to say goodbye to whatever job you were in, whether you liked it or not... just start someplace fresh.
[00:16:20] Kimberly: Yes.
[00:16:21] Lisa: How have you managed that emotionally? Have you ever struggled with resentment with that? Have you ever been like, "Oh, I could be making $300K today if I had consistency?"
[00:16:33] Kimberly: Yes.
[00:16:33] Lisa: Yet, would you have wanted to do it any different? Yeah. I don't know if you can speak to that at all.
[00:16:38] Kimberly: That is actually, it really is a good question. And I know that you're trying to be sensitive to my husband and all that kind of stuff. But it's a legitimate question, and he would agree that's a great question too.
Okay. He actually has said, just not long ago. So I went back to work. We felt like, okay, the kids are at the age [00:17:00] now that I can really start focusing on my career. Truly. And I asked my kids, I went to each one of them individually. Of course, Justin was already out of the house, and he's out of college now and so forth. But the others were still in high school.
And so I went to them, and was like, "Okay, Dad and I've talked about this. We're on the same page. How do you feel? Because that means that I can't drop everything and run up and have lunch with you or bring you lunch or whatever. There's times that I won't be available. It's okay to say, "Not yet, Mom."
And they were all, "No, you stayed home," and so forth. My husband knows that I'm a doer, of the two of us. I love to be working. I love to stay busy. I love to be productive. And so in this transition, as I was leaving the other position and in pursuing a larger role in something that could be a great opportunity for me,
it's going to take a lot of time. [00:18:00] And so I asked him how he feels about that, just another check-in. And he said to me, "You have sacrificed your entire career for mine, and to stay home with the kids and to put our family first." And he said, "These next 15 years or so, this is yours. This is your time. So we do what you need to do." And, I'm so grateful. And I know that I'm blessed, that maybe not everybody has that type of support. But I will tell you, it was very difficult because, one of the things we women do best is compare ourselves to each other.
[00:18:34] Lisa: Absolutely.
[00:18:35] Kimberly: Yes. As my kids were coming into high school, and some of the other Moms that I'm friends with and so forth, they were all reaching that height of their career. They were being promoted to a CEO or a CFO or whatever it was. And their income is...
maybe not peaked, but it's going up. They're seeing some really incredible success that they worked for the [00:19:00] past 10, 15 years, 20 years, whatever it is. There was twangs of, tinges of that jealousy, a little bit of, "Ah, I wish it was me."
I wouldn't undo what I've done. It wouldn't change anything. But that doesn't mean that it doesn't still, every once in a while, the enemy comes in and tries to make me feel like, "Oh, you're not quite as successful as them, because they're making more, they have a better title or whatever it is."
But, that's just lies of the enemy, I think, trying to hold me back personally. And I want to be one that cheers my friends on, and not resents that I don't have what they have.
[00:19:41] Lisa: Got it. Thank you. Thank you. Yeah, it's a sensitive topic, I think, because it's not always the woman who sacrifices, sometimes the man sacrifices. And sometimes it's for a period of time, and sometimes that's the way it is the whole marriage. And [00:20:00] having not been there, it's so interesting as a single person, to observe all the different dynamics that take place in that.
[00:20:08] Kimberly: No, it's a very valid question. And it can happen, for sure.
[00:20:12] Lisa: Got it. Okay. So have you ever taken a career risk for a potentially higher income?
[00:20:21] Kimberly: I guess you could say I just did. Because, one of the things I've been praying about... I knew that it was time, and again, being a person of faith, I've shared with you, God's in the forefront of everything that I do. My faith is what I'm trying to walk out. And so I've been praying this year, because I just felt like a restlessness, if you will... of it's time, to start considering other things. So I kept being open to other opportunities, but I don't think I was willing to really step out on faith. And I want to preface this by saying I'm not recommending anybody just go and quit their [00:21:00] job. Okay? That's between you and God.
So don't quit and then ask me for a loan, because I ain't got you right now either. But my husband did tell me, he said, "You've been talking about trusting God. Maybe that's really, that's the faith you need... is stepping out without a safety net." But I knew that where I was at, I was not going to be paid my worth. There was nowhere for me to grow. I got to the point I was bored, just like mentally not being challenged anymore. Andso I gave a three-week resignation and, yeah. Now I'm going for bigger things and bigger opportunities. How's that?
[00:21:42] Lisa: That's great. That's great. Good for you. When you accepted new positions throughout your career, did you negotiate your salary during the acceptance process for those jobs?
[00:21:59] Kimberly: I [00:22:00] didn't. And I hate to even say that out loud because it's the truth. I did not. One time, it was just going to be a temporary type thing, for six months, a year, whatever. And I did go back and go, "I don't usually work for that." And I had asked for $10 more than they were offering. So we met in the middle. And that's happened a couple of times. But I regret that I didn't stand my ground on any of the times that I caved, because I wasn't asking for a lot. I wasn't over-asking and trying to give myself a raise, which I should have been. So I regret giving in, because you start out in the hole, you don't get out of that.
[00:22:43] Lisa: Especially when you move companies, that's your greatest opportunity for advancement.
[00:22:50] Kimberly: It is. And I think there's a statistic about women. I wish I would have had the forethought to look it up... about women accepting [00:23:00] less, and not being able to... the percentage of their raises doesn't get them to where they need to be. That women almost have to quit, to leave that organization or company and go to another one, to be able to get the salary that they deserve.
[00:23:13] Lisa: Yes. Yes, I've read the exact same findings. Definitely. Have you ever invested in personal development to boost your income potential? Have you pursued a degree or certification or something specifically for the purposes of making more money?
[00:23:30] Kimberly: I've wanted to get a Master's for many years. But again, that whole four kids, college, yada-yada thing. It just hasn't come out quite yet. But I do actually take a lot of online courses, and work towards certificates and so forth. I have worked with three different business coaches, to help with leadership training. And so that's something that I've consistently done throughout my career... the past probably 20 years.[00:24:00]
And I have attended countless conferences, like leadership conferences. And even in October, I attended a two-day academy for fundraising... on learning conversational fundraising for non-profits and so forth. Yes, I'm a perpetual student, even if I'm not adding degrees to my name.
[00:24:23] Lisa: Fantastic. Yeah, I love that. Have you and your husband ever experienced a financial setback? And if so, what was it? How did you recover?
[00:24:36] Kimberly: Oh, goodness. Yes.
We moved from Oklahoma City to Las Vegas in 2005, I think it was, and had a hard time finding a house. Granted, remember this is 2005. And we bought a home for I think [00:25:00] $450,000. And within two years, that home was worth $250,000. The housing market had absolutely cratered, especially Las Vegas. So we all remember like the 2007, 2008...
And so we were in one of the worst hit cities, at the worst time. That was ugly. And that was hard to recover from. So we have said many times... we made a whole lot of money when we lived in Las Vegas, but we lost a whole lot of money when we lived in Las Vegas. And it wasn't from gambling.
[00:25:32] Lisa: Yeah. Did that impact how long you stayed there? Did you have to stay longer because you had to wait for the value of the house to go up? Or did you end up cutting your losses...
[00:25:44] Kimberly: I think that it kept us there longer, which turned out to be a good thing. God had a plan for us to be there and some really great things happened for both of our careers and our skill sets.
We both upped or raised the [00:26:00] bar when we were there. So that was really good. And so good came of that. But we did, in the end, lost a lot. Andthat was an anchor. It made us stay longer than we wanted to.
[00:26:11] Lisa: Okay. Was it just a matter of time to recover? Or was that your nest egg? Was that retirement money? Was that like, how did that...
[00:26:22] Kimberly: It was not retirement. We actually did not have a lot of retirement at that time.
[00:26:29] Lisa: Okay.
[00:26:30] Kimberly: But we had oil and gas investments, cell tower investments that had paid out.
[00:26:38] Lisa: Okay.
[00:26:39] Kimberly: We had made the most money we'd ever made in our lives, probably even still to this day.
[00:26:44] Lisa: Okay.
[00:26:45] Kimberly: In those couple of years and we just, we lost a lot. We lost a lot. We try not to think about that, because we do get bitter about it.
[00:26:55] Lisa: Yeah. And here I am dredging it up, asking more [00:27:00] questions. Okay, let's move on.
[00:27:02] Kimberly: Yeah. Let's just keep rolling.
[00:27:04] Lisa: Yeah. What have you outsourced in your life?
[00:27:09] Kimberly: Do you mean housekeeper, that kind of thing?
[00:27:11] Lisa: Yeah. Is there anything in your life today that you have just decided, listen, it is not worth my time?
[00:27:18] Kimberly: Not right now, I'm not outsourcing anything. But we have a ton. When we lived in Vegas, or even in Oklahoma City still when my kids were small, I could not keep up with housekeeping.
That is money well spent for me. I was like, I don't need to get a manicure or pedicure, anything. I'd rather just give that money to a housekeeper. And I had two jobs for a while, because I was running a non-profit, and I still had my side hustle, that was doing very well.
And so I moved the housekeeper up from every other week to every week and had paid her to come in and do the laundry, because I knew that my [00:28:00] time was going to be tight. And so I didn't want to spend it cleaning. I wanted to spend it focused on my kids. And then I did hire a nanny two days a week, that gave me two days to really work on my business, go do meetings, whatever. And then I knew that the kids were home safe and being well cared for. So we did that.
And then I, we've contracted out when I've needed some admin work I couldn't keep up with... newsletters and so forth.
[00:28:24] Lisa: Okay.
[00:28:25] Kimberly: Because like I said, we're very entrepreneurial. So we always have something going.
[00:28:31] Lisa: Yeah, going on. Okay. Have you and your husband had a bogey for how much you want to save for retirement?
[00:28:39] Kimberly: Yes, he does. And he has a pretty specific number. And honestly, I couldn't even tell you what that is. And I know I should know that. But my husband... and I so appreciate this about him, because retirement's not something that my parents talked about or planned for, even though, they're not married to each other anymore.
And my mom passed a year and a [00:29:00] half ago. And she was on disability the last several years of her life in a very small limited income. So my husband, because his dad modeled it... he says, "I want us to retire with dignity." And I don't know what the number is for dignity in his mind, but we are being very aggressive now, at this stage in our life, to plan for retirement. And we're working on multiple streams of income.
[00:29:30] Lisa: Okay.
[00:29:31] Kimberly: We currently have five, if you count both of our full time jobs, streams of income. And so that's something we've really paid closer attention to, and have been very intentional with the past couple of years. And so I'm very grateful for him and he says it a lot. "We're going to retire with dignity."
[00:29:53] Lisa: Okay. Oh, gosh, I'd love to know what that number is.
[00:29:57] Kimberly: Me too.
[00:29:57] Lisa: [00:30:00] Yeah. Let's get him after this conversation. Lisa wants to know what 'with dignity' means. In addition to the two jobs, you said you had three streams of income. One is your wellness business, I'm assuming?
[00:30:13] Kimberly: No, actually I quit doing that about three years ago.
[00:30:17] Lisa: Okay, do you mind outlining your three streams of income for us?
[00:30:20] Kimberly: So we have vacation rental property.
[00:30:23] Lisa: Okay.
[00:30:24] Kimberly: We have cell tower property that pays monthly revenue.
[00:30:28] Lisa: Okay.
[00:30:28] Kimberly: And then we have a 401k, or whatever those are called.
[00:30:32] Lisa: What would you recommend women in their 30s, 40s, and 50s should be thinking about when it comes to their finances? Any financial goals you would recommend that we be setting, thinking about?
[00:30:49] Kimberly: I really do believe that consistent saving every month is vital. And it doesn't have to be a lot, and it doesn't have to be just into your [00:31:00] savings account. But we learn to live on what we have. And, I think that's so important. Those things that happen when life happens, the having the money and the peace of mind that I don't have to worry about this right now. I was an only child, and I had to cover all of the headstone and funeral costs and all of those things... because that wasn't something that my Mom was able to plan for or had the money to plan for. She wasn't... didn't manage her money well.
I just think it gives peace of mind. I have a lot of girlfriends who are in their late thirties to their fifties, that are either divorced, or never been married. And that burden is all on them. And so I just, I think that's really important is to save.
The other thing that I encourage people to do is to save money, just in a savings account or something, for experiences. Go do something. Go [00:32:00] travel. Take your girlfriends and go. We can't take this money with us. We need to have enough to live on while we're here. There's just so much life to live, and we get so stuck in our day to day.
And money's the tool to be able to do that... to be able to go live and have experiences. And those are the things that are most cherished when we get older, not how much we spent on something.
[00:32:23] Lisa: Yeah. Yeah, the experiences. That's great.
[00:32:27] Kimberly: Yeah.
[00:32:28] Lisa: All right. We are ready for our speed round.
[00:32:32] Kimberly: Okay.
[00:32:32] Lisa: Are you game? You ready to play? Okay. I'm going to go through these questions and just first number that comes to mind. Okay. Okay. What is one thing you'll splurge on?
[00:32:47] Kimberly: Meals... fancy meal.
[00:32:48] Lisa: Ooh. Okay. How much is a fancy meal for you and your husband?
[00:32:53] Kimberly: If it's just the two of us? $200, $200-$300. [00:33:00]
[00:33:00] Lisa: Okay. Oh, $200-$300? Cause you got wine and... okay. What is one thing you're super frugal with?
[00:33:12] Kimberly: Furniture.... other than mattress. You gotta have a good mattress.
[00:33:16] Lisa: Oh, yes. Okay.
[00:33:18] Kimberly: But like home decor, whatever.
[00:33:21] Lisa: Okay. All right. What is the right percentage to tip?
[00:33:26] Kimberly: Average 20%.
[00:33:28] Lisa: Okay.
[00:33:29] Kimberly: More or less... Depending on, service.
[00:33:32] Lisa: All right. What's the right amount to spend on a car?
[00:33:37] Kimberly: Ooh, that's a tough answer. John and I used to buy brand new cars all the time as soon as we could. We thought that was brilliant, and we were excited to be able to do it. We haven't bought a brand new car in probably at least 15 years. We buy used cars, and we drive the wheels off of them. We do. I'm on my fourth [00:34:00] Mercedes. I like, and my husband likes me driving them, because they're pretty safe and so forth. And so I just got one, oh, last year about this time. But the one I traded in, it had 175,000 miles on it. I drove the heck out of that thing.
So we typically spend $25,000 to $35,000 on a car, but it's a used car. But there's no right or wrong for other people.
[00:34:28] Lisa: Yeah.
[00:34:28] Kimberly: We've spent $1,500 on a car for our kids. So...
[00:34:31] Lisa: It depends... Whose is it? What's the purpose? How long do you need it to last?
[00:34:38] Kimberly: Exactly.
[00:34:41] Lisa: What's the right amount to spend on a bottle of wine... not at the restaurant, but at the store?
[00:34:47] Kimberly: For myself? $15-$20. My favorite wine's $21.
[00:34:53] Lisa: What is your favorite?
[00:34:56] Kimberly: It is a Cab Sav. And it's by, I hope I say this right, [00:35:00] Chateau St. Michelle. It's a Washington wine, and it's the Indian Wells label. That's my favorite. And it's like $21.98, or something.
[00:35:10] Lisa: Okay. Very good. All right. Thank you. Everyone will appreciate the recommendation.
[00:35:16] Kimberly: Yes.
[00:35:17] Lisa: What's the right budget to spend for a one week vacation?
[00:35:23] Kimberly: All six of us? Or just the two of us?
[00:35:25] Lisa: Let's say the two of you.
[00:35:27] Kimberly: We can probably, not counting Europe, but we can do it for about $5,000 to $6,000.
[00:35:33] Lisa: Okay, the two of you?
[00:35:35] Kimberly: The two of us.
[00:35:36] Lisa: Okay, all right. How much, if you're going to Europe, would you set aside for a one week trip?
[00:35:42] Kimberly: We did that, and we spent about $15,000.
[00:35:47] Lisa: Okay. All right. So I'm guessing you do things pretty high style.
[00:35:51] Kimberly: We splurge on experience.
[00:35:54] Lisa: Okay.
[00:35:54] Kimberly: We hire the private tour guide, and the private tour at the Vatican, [00:36:00] instead of the group things. So, we spend money on that. And then, even though you're not supposed to tip there, my husband loves tipping the waitresses there and just getting to know them. Yeah, so we're a little bit, frivolous.
[00:36:15] Lisa: Okay. How much would you spend on a purse?
[00:36:20] Kimberly: I... my average is probably about $50-$60 now. Here's the thing, I only carry red purses. I've only carried red purses for about the past 20 years. But when I was in college, I charged a green Dooney and Burke purse for $350, the wallet for $150, the key chain for $50. And it was heavy. And I carried that thing forever, because I felt so guilty I'd spent so much money on it. So, I do not buy Dooney and Burke purses anymore.
[00:36:52] Lisa: Okay.
[00:36:53] Kimberly: But yeah, I just, wherever I can find a red purse... if it fits me, I'll grab it.
[00:36:58] Lisa: Why, can I ask, [00:37:00] why red purses?
[00:37:02] Kimberly: It just came about by accident. My cousin had a red purse one time and I was like, "Oh my gosh, I love that purse." She goes, "Yeah," she goes, "I just feel cool carrying it." And I was like, "I want a red purse." So I went and got a red purse. So I started carrying it, and I carried it for a really long time. And then, I found the other one, and I carried it, and so forth.
Then, fast forward about three or four years into this. And this was like 2000. This was a long time ago. And I saw this cute little gray purse in the fall, and I was like, "Oh, that's neat." And I bought it, and everyone kept commenting. "Why are you carrying that? Where's your purse? That's not your purse."
And my husband was even, "Why are you carrying this gray purse?" And I'm like, "I didn't know this was a thing," and it became a thing. So now all of my friends know I only carry red purses. And so sometimes I'll see friends that I haven't seen in a long time, we'll run into each other... "Oh, there's my friend with the red purse."
[00:37:56] Lisa: It became part of your identity. Part of your 'thing'. [00:38:00]
[00:38:01] Kimberly: Just by accident.
[00:38:02] Lisa: Yeah, that's so funny. What would you say is the most extravagant purchase you've ever made?
[00:38:09] Kimberly: We bought a lake house.
[00:38:11] Lisa: Okay.
[00:38:11] Kimberly: So, a second home.
[00:38:13] Lisa: And that's the one you're using for a vacation property? Like you're renting it out?
[00:38:19] Kimberly: Yeah. Yes, we are.
[00:38:20] Lisa: All right. Very good. And do you have a favorite money related quote or mantra?
[00:38:30] Kimberly: That's good. I hate when Christians say something that I don't agree with, and I just cringe. So I hope I don't make other Christians out there cringe. But, one of my desires is to be a generous giver.
I want to be a kingdom financer. The more money I make, the more money I can give. I love the saying that if God can get it through you, He'll get it to you. And that's one of my favorites. And another one is... that if it's [00:39:00] God's will, it's God's bill. And so there were times that it was tight, but I felt like I was supposed to be staying with the kids and not really working... just writing another book or doing more speaking, or that kind of thing, that wasn't a high income producing activity.
But, that's where God had me at that season. And so, one of my friends said that to me 20 years ago. And it stuck with me. Right now, this is where you're at. This is God's will. So He'll make sure you guys have what you need. So God's will, God's bill.
[00:39:34] Lisa: I love that. I have not heard that before. God's will, God's bill. It's His will that you are in this season of life, and He will make sure you have the provision to do it.
[00:39:47] Kimberly: Right. He'll meet our needs.
[00:39:49] Lisa: And if He can do it through you, He'll get it to you.
[00:39:54] Kimberly: Yes.
[00:39:55] Lisa: Is that right? Did I say that right?
[00:39:56] Kimberly: Yep. Yes, if He can get it through you, He'll get it to [00:40:00] you.
[00:40:00] Lisa: Okay.
[00:40:00] Kimberly: Meaning if you really want to help someone, and you want to be a generous giver... "Okay, Lord. This is how much I'd love to be giving or supporting," or so forth. And, sometimes there is a stretch of faith of, "Okay, I'm going to go ahead and I'm going to give this in faith, believing that I'm still going to have my needs met." It looks different in different scenarios, but yeah, I just, I love that.
And for me personally, we were talking about that poverty mindset earlier. That's one of the things that helps fight poverty mindset, is generosity. Knowing I can be a vessel, financially. Then I don't have to be in poverty and have a poverty mindset. So that breaks that stronghold off of me, I think.
[00:40:42] Lisa: That's good. Absolutely. Kimberly, thank you so much for taking the time to talk today. It's been fun and I love what you've shared, so thank you.
[00:40:55] Kimberly: Thank you. This is an honor. I'm so excited that you're doing this, and I can't wait to listen to every single [00:41:00] episode.
[00:41:00] Lisa: Oh, good. Good. Thank you. All right. Take care.
[00:41:04] Kimberly: All right. Thank you.
Thanks for listening. Money Talks are hosted by myself, Lisa Clements, owner of Clear Springs Wealth. If you enjoyed this episode, share it with someone you think could benefit from talking more about money. Make sure you leave a rating, a review and subscribe so you never miss an episode. You can find show notes at clearspringswealth. com / money talks. Thanks so much.
