Are You The Master of Your Finances or A Slave to It?
“… while women have established and expanded their roles and relationships, when it comes to navigating the financial ramifications of this new world, they are using old maps that don’t get them where they really want or need to go.” – Suze Oman (Book: Women and Money)
Finances is one topic that many of us, especially women, shy away from speaking about. For some reason, it makes us very uncomfortable so many of us:
- Ignore it
- Defer anything and everything to do with finances to our significant other
- Only pay attention to it occasionally when we are forced to (like when the collection agency calls).
Am I missing anything? Well, of course, there are some women who are very good with their finances so kudos to you. Of course, we would love to hear from you – any tips would be greatly appreciated.
As Suze Orman mentioned above, we have come a long way as it relates to our earning power despite the fact that we are still lagging behind our male counterparts earning 77 cents for every dollar earned by men (2012 Institute for Women’s Policy Research study). The sad truth is that many women have not caught up as regards to how they relate to their finances.
I recently had the opportunity to interview Helen Hogan, a Financial Planner from Sunset Financial Services on the **Discover A New Future TV Show. The interview was very enlightening because I learned a thing or two. For instance, women are behind the eight ball because we predominantly are caretakers and are out of the workforce more than men are. We are the ones who take off for child-birth, child care, and elder care.
In addition, women live longer than men and are the majority of residents in nursing homes. Hence, we have to think carefully about what we will do when we get older or get ill and need help dressing or bathing.
During the interview Helen answered the following questions:
- Why do many women shy away from taking responsibility of their finances?
- What are some of the unique financial challenges that women face that men don’t have to face?
- What are some of the benefits of owning your financial power?
- What are some of the things that women can do to start the process of mastering their finances?
**[Airs Thursday mornings at 9:30 a.m. and Saturdays at 7:00 p.m. on Comcast 30, FIOs channel 45 or www.princetontv.com]
What Are You Doing with Your Hard Earned DOLLARS?
Many years ago, I was watching the Oprah Winfrey Show and the topic was finances. One of the tips that they shared re getting a handle on your spending was to write everything you spend on a daily for a month. I took up the challenge and it was an eye opener. I am not a big spender but even then I was astounded by the amount of money I spent and on what. It did this for 3 months.
I have used this activity in my coaching practice with many clients and the response has always been an eye opener for all. In fact, a few people were resistant at first to do it. After speaking with them, I found that they were scared to get confirmation re what they already knew – THEY WERE LIVING BEYOND THEIR MEANS.
- Little things do add up! $10 per week for lunch does add up. That is $520 per year.
- I was less anxious after I faced my financial fears. I felted more empowered because I was able to make more informed choices.
- It’s not about how much you earn but how much you save! This I learned from a dear friend over 30 years ago when I first came to the US from Jamaica. She did not earn a lot of money based upon many of our standards but she paid herself first by saving each pay check. Her other motto was, “Out of sight, out of mind.” This one I know works for sure.
So, are you the MASTER of your finances or a SLAVE to it? Only you can answer this question!
Please share with your network. This article may make a big difference in someone’s like.
Until next time… THINK POSITIVELY!
April 01, 2017
January 15, 2017