In a world where financial literacy is often overlooked, especially for women, Bartell’s Money Talk had the privilege of hosting Therese Nicklas, a Certified Financial Planner and founder of The Wealth Coach for Women. Terri’s mission is to empower women with smart financial strategies to create wealth beyond money—a life filled with joy, purpose, and balance. In this episode, she shared her wisdom on financial planning, money mindset, and overcoming limiting beliefs. Plus, we’ve included some bonus content just for you!
Why Focus on Women?
With over 40 years in financial services, Terri noticed a recurring issue: women were often excluded from financial discussions. Historically, finances were left to the men in the household, leaving many women vulnerable in case of divorce, widowhood, or unexpected financial crises. Terri is changing that narrative by equipping women with the knowledge and confidence to take control of their finances.
The First Step: Start the Money Conversation
Many stay-at-home moms and women who rely solely on their spouses for financial management are at risk of being left in the dark. Terri’s advice? Have a conversation.
💡 Actionable Step: Schedule a money date with your spouse to go over household finances. You don’t need to be a financial expert, but you should have a clear understanding of your income, savings, investments, and expenses.
Lessons from Personal Experience
Even as a financial expert, Terri faced challenges when her father passed away suddenly. Despite handling her parents' finances, there were details her father never shared, leading to unexpected financial hurdles. This experience solidified her mission to ensure no woman is left scrambling in a time of crisis.
Key Financial Pitfalls Women Face
1. Survivor’s Guilt and Emotional Spending
Many women, after losing a spouse or going through a major life change, struggle with survivor’s guilt—leading to emotional and irrational financial decisions. Some spend excessively on their children to compensate for the loss, only to find themselves financially struggling years later.
💡 Solution: Avoid making major financial decisions for 6–12 months after a significant life event. Seek guidance from a trusted financial professional before making any big moves.
2. Poverty Mindset
If you grew up hearing phrases like "Money doesn’t grow on trees" or "Rich people are greedy", you may unknowingly be self-sabotaging your financial success.
💡 Solution: Shift your mindset with affirmations: “I am so happy and grateful now that I am financially secure and abundant.” Start small by saving even $1 a day—it’s not the amount but the habit that counts.
3. Leaving Finances to Someone Else
Relying on a spouse or relative to handle finances can be a dangerous habit. Many women only realize their financial vulnerability after a divorce, death, or financial crisis.
💡 Solution: Get involved. Ask questions. Know where your money is, how much you have, and how to manage it.
Bonus: Building True Wealth Beyond Money
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