What We Spend Podcast: "The Kids Are Grown — Now What?"

Release Date: July 9, 2025
Host: Courtney Harrell
Guest: Molly, a 60-year-old Chicago resident, General Counsel and Senior Vice President of Development for a major fitness company, and mother of two adult daughters and a teenager about to leave for college.

Introduction: Navigating the Empty Nest

In this poignant episode of What We Spend, host Courtney Harrell delves into the life of Molly, a successful professional and devoted mother facing significant life transitions. With her youngest child preparing to leave home for college, Molly is not only adapting to the empty nest but also contemplating retirement and the potential sale of her long-term family home.

Molly’s Financial Landscape

Molly opens up about her robust financial situation, sharing that she earns approximately $306,000 in salary, supplemented by $200,000 in dividends and interest, totaling nearly $500,000 annually before taxes.

Molly [03:26]: "I make a lot of money, but I also spend a lot of money. People say that your spending expands as your income expands, and it's really true."

Despite her substantial income, Molly emphasizes her disciplined financial habits, stating she "doesn't cash flow" and "pays herself first" by maximizing her 401(k) contributions and ensuring her money is actively invested.

Molly [04:01]: "I max out my 401ks and everything's invested so that money is working for me."

Monthly Expenses Breakdown

Courtney and Molly meticulously break down her monthly expenses, providing listeners with a clear picture of her financial commitments:

• Mortgage: ~$2,030.70/month
• Property Taxes: ~$1,333/month ($16,000/year)
• Utilities: ~$650/month
• Phone Bill: ~$167/month
• Transportation: Gas (~$45/month), Car Insurance, and Home Insurance (~$487/month combined
• Groceries: ~$1,250/month
• Entertainment and Subscriptions: Various subscriptions totalling around $20/month
• Health Insurance and Wellness: ~$1,260/month for health insurance and ~$330/month for chiropractor, acupuncture, and massage
• Education: Previously ~$4,272/month for private schooling, shifting to funding college tuition for her son (~$85,000/year)

Molly [07:31]: "I'm spending a lot on travel, health, and education. Travel is my big thing."

Funding Education: A Strategic Approach

Molly discusses her strategic approach to funding her children's education. Initially, she and her ex-husband set up 529 savings plans, though divorce halted further contributions.

Molly [08:25]: "My philosophy is that when the kids go to school, you get the FAFSA loan... your money should be earning more elsewhere."

Relying on FAFSA loans, Molly complements these with her savings to cover substantial portions of tuition, particularly for her son’s anticipated $85,000/year college expenses.

Molly [10:12]: "Education is so important. You can never take away education from someone."

Emotional and Financial Struggles of Selling a Long-Term Home

A significant portion of the episode focuses on Molly's efforts to sell her 39-year-old family home in Chicago. Molly aims to sell independently using her real estate license to save on commissions, a decision that requires her to manage open houses and marketing efforts personally.

Molly [15:46]: "I have not put it on the MLS, I've not put it on Trulia, and I could have more signs, more information."

Throughout the week, Molly documents her experiences and emotions related to selling the house, highlighting both financial calculations and deep emotional ties.

Molly [18:18]: "It's really made me think, okay, so if the house doesn't sell, what's the worst thing? Maybe we keep it."

Her journey includes modest daily expenses related to hosting open houses, personal care, and unexpected costs, accumulating to a weekly total of $832.33.

Weekly Diary: Balancing Expenses and Emotional Turmoil

Molly provides an intimate look into her week through detailed audio diaries:

• Day 1: Spent $354.12 on open house expenses, groceries, personal care, and utilities. Felt frustrated by low turnout but remained determined.

• Day 2: Expenses totaled $434, covering health services and car maintenance. Reflected on teaching her children financial responsibility.

• Day 3: No spending occurred, but emotional reflections surfaced as her son prepares to leave, emphasizing the deep personal impact.

• Day 4: Zero dollars spent. Focused on work presentations and her daughter’s birthday. Considered strategies for listing her home on the MLS.

• Day 5: No money spent. Prepared for an upcoming open house, highlighting the balance between financial planning and personal emotions.

• Day 6: Minimal spending ($39) on contributions and medical deductibles. Shared thoughts on her son's impending move and the emotional challenges of becoming an empty nester.

• Day 7: Spent $5.21 on a personal treat during the open house, which yielded no significant interest from potential buyers.

Through these diaries, Molly illustrates the delicate interplay between managing substantial financial responsibilities and coping with significant life changes.

Reflections on Becoming an Empty Nester and Retirement

Molly expresses mixed emotions about her son leaving for college, balancing sadness with the freedom it brings.

Molly [24:33]: "I just miss the connection every day. Like being able to walk downstairs and see him get a hug."

She also contemplates retirement, considering her health, financial security, and personal fulfillment.

Molly [37:02]: "Being a mom is the longest job I've had, the hardest job I've had. I'll always be a mom, and they'll always be my babies."

Molly muses about the uncertainty of life expectancy and the adequacy of her retirement savings, particularly in light of her health challenges.

Molly [36:05]: "If I think I'm going to be around until 99, like, no, I don't know that anyone has enough money for that."

Conclusion: Embracing Change with Financial Savvy

Molly's story is a testament to balancing financial acumen with the emotional complexities of life's transitions. As she navigates selling her family home and her son’s departure, Molly demonstrates resilience and strategic planning, ensuring her financial stability while honoring her deep-seated values around family and education.

Molly [35:32]: "It's kind of the closing of an era by becoming an empty nester."

Through What We Spend, listeners gain valuable insights into managing finances during significant life changes, inspired by Molly's honest and detailed account.

Notable Quotes:

• Molly [03:26]: "I make a lot of money, but I also spend a lot of money."
• Molly [04:01]: "I max out my 401ks and everything's invested so that money is working for me."
• Molly [08:25]: "My philosophy is that when the kids go to school, you get the FAFSA loan... your money should be earning more elsewhere."
• Molly [15:46]: "I have not put it on the MLS, I've not put it on Trulia, and I could have more signs, more information."
• Molly [24:33]: "I just miss the connection every day."
• Molly [37:02]: "Being a mom is the longest job I've had, the hardest job I've had."

Final Thoughts:

Molly's week, meticulously documented and openly shared, offers a compelling narrative on the intersection of personal life changes and financial management. Her experiences underscore the importance of planning, adaptability, and emotional resilience in navigating life's pivotal moments.

For more stories like Molly’s and to share your own financial journey, consider reaching out to the What We Spend team at whatwespendpodcast@gmail.com.