2 WILD TRUTHS & 1 WORN OUT FAIRY TALE
ARI BAUM CFP®
YOU’RE INTERESTED IN TAKING CONTROL OF YOUR MONEY, BUT YOU FIND YOURSELF IN SITUATIONS LIKE THESE: SITTING QUIETLY WHILE OTHERS TALK ABOUT MONEY, WORRIED YOU’LL SOUND SILLY IF YOU SPEAK UP; WATCHING THE NEWS AND WISHING YOU KNEW MORE, BUT THE WHOLE FINANCIAL WORLD FEELS SO COMPLEX AND INTIMIDATING; NOT WANTING TO BECOME ONE OF THOSE WOMEN WHO GETS TAKEN FOR ALL HER SAVINGS.
You’re good at what you do (hobbies, career, and running your busy life), but feeling in control of your financial life feels so out of reach and overwhelming. Yet letting the men have all the control and giving up your goals and financial ambitions doesn’t feel right to you either.
You definitely don’t want to retire years from now, look back and think, “If only I had taken hold of my financial strategy back then, I wouldn’t be clipping coupons and waiting for my check each month.”
Does it feel like the financial industry ignores your concerns? You’re not alone.
The good news is it’s not nearly as complicated as it may seem. You can take control without feeling frustrated or as if your money is out of reach.
Certain people in the money management industry benefit from making finances look too complicated for anyone who isn’t “numbers-oriented.” They’re the ones who just want you to hand your money over to them and let them do what they want.
Fortunately, that’s not how money management has to work. It is increasingly important for women, that it doesn’t work that way. You need to know how to handle your finances yourself—whether you’re currently single, married, divorced, or widowed. It’s a critical part of modern life. You might be wondering how you can create a savings plan, so you have a solid nest egg when it’s time to retire.
Modern culture might still be holding onto fairy tales about who can and who can’t handle money, but you don’t have to. Start building your money muscles instead.
WILD TRUTH BOMB #1
You & Your Finances Should Come First
Did you flinch at this section title? Did your mind abruptly conjure up all the people in your life who you think come before you? If so, you’re definitely not alone. Modern culture encourages women to take care of everyone else first, before they think about themselves.
Have you ever flown on an airplane? The first thing they tell you in a crisis is to put on your oxygen mask first, before assisting others.
Are the flight attendants encouraging you to be selfish? Of course not, they’re being realistic. If you can’t breathe, you are not capable of helping anyone else.
The same goes for your finances. Do you want your kids taking care of you in your senior years because your money ran out? Of course not. Your kids would much rather have you living the good life in your old age because you were able to build a solid nest egg.
Put on your own oxygen mask first when it comes to your money—it’s not selfish—it’s smart.
WILD TRUTH BOMB #2
Money Management Is a Skill, Not An Inherited Trait
If you really wanted to, you could go down the rabbit hole and spend the rest of your life finding the thickest investment books you can find and reading through them.
You don’t have time for all that, and it’s not necessary. Money management doesn’t actually have to be complicated. There are plenty of tried-and-true techniques that will help you create a solid financial footing for yourself and your family.
You need to know four basics when it comes to money: what’s coming in (income), what’s going out (expenses), how much you own (assets), and how much you owe (debt). The bigger the gap between income and expenses means more savings, which can then either pay off debt or be invested for the future.
FAIRY TALE IT’S
BETTER TO DEFER MONEY MANAGEMENT TO MEN
Have you ever been in a conversation about money or finances and men around you are taking up all the air in the room? Did you find yourself shrinking back or stepping away? Were you pretty sure a lot of it was wrong but you didn’t know (or want) to interject with truth?
Your voice deserves to be heard and recognized when it comes to your money. You need solutions that put your views and priorities front and center. Once you’re able to clear away the clouds, you can get clarity on what your own financial goals are. Then you can create a roadmap to achieve them.
Flex Your Money Muscles & Fall In Love
With Your Financial Power
It’s critical for women to get in the driver’s seat of their own financial strategy. There will be periods in your life where you probably won’t have someone else to rely on. Knowing the basics helps you determine who you can trust if you decide to get some advice.
Teamwork makes the dream work. The sooner you embark on your own financial journey, the sooner you can take control and lead the life that you want. Once you’ve got the basics under your belt, your financial skills will blossom. Then you’ll have a relationship with money that makes you feel powerful and in control.
The content is developed from sources believed to be providing accurate information; no warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability, or usefulness of any information. Consult your financial professional before making any investment decision.
Ari Baum, CFP® is the founder and CEO of Endurance Wealth Partners, with over 25 years of experience in the Financial Services industry. He brings his in-depth experience to Conceive, Believe, Achieve, for his clients.
Securities and Advisory services offered through Prospera FinancialServices Inc. Member FINRA/SIPC.
Brokerage and Advisory accounts carried by Wells Fargo ClearingServices, LLC.
