Today I have financial advisor Jamie Lima on the show. Jamie was a child of divorce, went through a challenging divorce of his own, and now helps others understand their finances while facing divorce. During this episode, Jamie provides great advice and tips regarding the steps people should go through while preparing for a divorce. He discusses creating financial balance in your life. Jamie has such a great way of articulating finances, you won’t want to miss this episode!
In this episode: [2:21] Jamie tells us his story and background. [7:15] How does Jamie partner with attorneys and mediators through a divorce? [10:19] Jamie tells us about his work and what he does. [12:25] Does Jamie work with individuals or with couples? [17:11] What would be the first thing Jamie would advise someone to do when first going through a divorce. [19:16] What is the next step after understanding your current financial state? [21:38] How to balance out your new budget and lifestyle habits.
Key Takeaways: When people can go to someone to get clarity, and understand their values and what they want for the future, they’ll be able to come to the divorce or mediation prepared and knowledgeable. This helps you feel more calm and confident with the future of finances. Determine your financial balance and the vision for your life. Do you want to get to the end of your life and have a million dollars saved up, or do you want to spend some money now and enjoy your life today. What do you want saved for retirement? What do you need to maintain your life post divorce? How do you have fun and enjoy life? Set aside any negative/bitter feelings that you may have when possible and work together to come to a solution for your financial settlement. It can happen where one person is so bitter they are going to make it all difficult, but what they forget is that it’s hurting everyone, including the children.
Quotes: “It’s all about balance. You have to be able to save for retirement, but you also have to be able to enjoy your life now because let's face it, tomorrow is not guaranteed. So if you're not enjoying the moment that you have right now and the life that you have right now, at least go have that beer, have that piece of cake, you have to do those things and balance that out with the long term planning that we do.” - Jamie Lima “What I’ve found is that most people are in a much better position financially than they think. And they only recognize that when we start to go through the budget, and we look at what they’ve saved so far, how much they continue to save, and what their planned projections look like.” - Jamie Lima
Guest Bio: I grew up in a family that always seemed to have money challenges. That led me to a career in finance as I wanted to learn and understand how to better support myself and my family. I began my career in 2006 with Morgan Stanley, and in 2011 joined Fidelity Investments. I was responsible for overseeing $1 billion in assets for 450 families and businesses. Today, I primarily focus on mid-career professionals, working to maximize their wealth, so they can do what they love with zero financial stress. I also am a Certified Divorce Financial Analyst® and founded Allegiant Divorce Solutions in 2023 to help others better prepare for, navigate, and recover financially from divorce. I promised myself early on that I would do whatever was required to ensure that my clients never felt the same struggles related to money that I did. I really love helping clients make important financial decisions and making the puzzle pieces ‘fit’ for them. Outside of work my wife, Dawn, and I spend a lot of time in our Jeep driving the country backroads here in inland San Diego, working around our farm (we currently have sheep, goats, chickens, pigs, ducks, and rabbits!) and trying to keep up with our 5 (yes, 5!) kids.
Resources: Allegiant Divorce Solutions Website Jamie Lima's LinkedIn Allegiant Divorce Instagram Jamie Lima's Instagram Allegiant Divorce Facebook Page Woodson Wealth Management Facebook Page Jamie Lima's TikTok Jamie Lima's Twitter Lesa Koski Website Lesa’s Online Courses Doing Divorce Different Soberlink To receive real-time alerts that your child is safe and to receive $50 off your Soberlink device, visit https://www.soberlink.com/partners/different
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