Embracing Life’s Challenges: A Journey of Resilience and Financial Wisdom
Mandi Hering & Felicia Gopaul
Embracing Life’s Challenges | Welcome Back to Her Money Story Podcast!
After a long break, I’m thrilled to announce the return of the Her Money Story podcast, and with some exciting changes. Moving forward, our episodes will be structured in seasons, each with a clear beginning and end. This format will allow us to dive deep into specific topics that matter most to our community of women navigating financial challenges. I’m delighted to be back, and even more excited to share today’s episode, which touches on a deeply personal and crucial topic: the unique financial journey of women, particularly those who are caregivers for special needs individuals.
Women and Financial Resilience: The Journey Begins
Today, I’m honored to introduce our guest, Mandy Herring, a colleague at CSP Financial Group. Mandy’s story is one of resilience, dedication, and advocacy. As a mother of a special needs daughter, Mandy has navigated her financial journey with both strength and wisdom.
Mandy Hering: From Teacher to Financial Advocate
Mandy’s background is diverse and inspiring. She began her career as a high school teacher in Tucson, Arizona, where she taught history, government, and economics. However, in 2014, Mandy made the courageous decision to shift her career to financial services, driven by a desire to secure a better future for her family. In 2021, she earned a master’s in legal studies with an emphasis on law and economics from the University of Arizona, further equipping herself to advocate for her family and others in similar situations.
Mandy’s journey as a mother to a special needs daughter, Emma, has deeply influenced her approach to financial planning. Emma, born with a cleft lip, palate, and a rare brain malformation, has been a constant source of inspiration and strength. Mandy’s story is a testament to the power of love, resilience, and the importance of financial preparedness.
Navigating Life as a Permanent Caregiver
Mandy describes herself as a permanent caregiver, a role she embraces with both determination and grace. As she navigates life with Emma, Mandy has had to think not just about today, but about long-term care and financial stability for her daughter, even beyond her own lifetime.
Three Essential Financial Tips for Caregivers:
Build an Emergency Fund:
Mandy emphasizes the importance of having an emergency fund, especially as a caregiver. She recommends aiming for six months of expenses to ensure financial stability during unforeseen circumstances.
Estate Planning:
Estate planning is crucial, particularly for families with special needs members. Mandy advises working with an estate planning attorney to establish a special needs trust, ensuring that any inheritance or financial support does not jeopardize the individual’s benefits.
Life Insurance:
Life insurance is a vital component of financial planning for caregivers. Mandy underscores its importance in providing for loved ones after one’s lifetime, ensuring that their needs are met without placing undue financial stress on other family members.
Balancing Life and Financial Responsibilities
Being a permanent caregiver brings unique challenges, not only financially but also in maintaining personal well-being. Mandy and her husband have been married for nearly 24 years, and their strong partnership has been a cornerstone of their ability to navigate the stresses that come with caregiving. Mandy shares that one key to their successful marriage is balance—finding joy in the midst of challenges and supporting each other as equals.
Tips for Thriving as a Caregiver:
Prioritize Self-Care:
Mandy’s advice to other caregivers is simple but powerful: take care of yourself. Whether it’s through hobbies, travel, or simply taking a break, self-care is essential to being the best caregiver possible.
Build a Strong Support System:
Mandy highlights the importance of having a support system, whether it’s a spouse, family members, or friends. This network can provide emotional support and practical assistance, making the caregiving journey more manageable.
Transitioning Careers: From Education to Financial Services
Mandy’s career transition from teaching to financial services was driven by a desire for greater financial independence and the ability to better provide for her family. Despite the challenges of leaving a stable paycheck, Mandy’s decision was supported by her strong financial foundation, including a well-established emergency fund. This move has allowed her to leverage her skills in a new industry, offering both flexibility and financial growth.
The Importance of Planning Ahead
As our conversation draws to a close, Mandy leaves us with valuable insights on financial planning. For families with special needs children, it’s essential to plan for the future, considering factors like emergency funds, estate planning, and life insurance. These steps not only provide financial security but also peace of mind, knowing that your loved ones will be cared for, no matter what.
Final Thoughts
In wrapping up today’s episode, I want to thank Mandy for sharing her story and offering such practical advice. Her journey reminds us of the importance of financial planning, not just for ourselves, but for those who depend on us. As women, we often put others first, but as Mandy has shown, taking care of ourselves is a critical part of being able to care for others.
As we continue this season of the Her Money Story podcast, I invite you to reflect on your own financial journey. What steps can you take today to secure a better future for yourself and your loved ones? Thank you for joining us, and I look forward to having you with us again for our next episode.
What's Your Soundtrack?
In closing, I’d like to borrow an idea from Brené Brown and ask Mandy about the soundtrack for this season of her life. Mandy chose Billy Joel’s "You May Be Right," a song that captures the craziness and unpredictability of life, but also the joy in embracing it.
Thank you, Mandy, for sharing your story and insights with us today. And to all our listeners, thank you for tuning in to the relaunch of the "Her Money Story" podcast. I’m excited to bring you more conversations with inspiring women who have navigated life’s challenges with grace and resilience.
Stay tuned for our next episode—it won’t be too long, I promise!
