Part One of a Three Part series discussing the important questions every woman should ask herself when considering her financial future.
“I wish I had known.” “Why didn’t someone tell me?” “This is news to me.
How many of us have uttered at least one of those phrases in the last few months? How about over the last few years? We want to be informed. We are smart, independent, empowered women who are ready to take charge of their future. But how, exactly, do we do that? How do we get informed?
The easiest way to start is for every woman to ask herself some questions.
- How involved are you with your household finances and financial plan?
- Somewhat involved- I give my opinion but generally let my husband/partner take care of that.
- Not at all involved- I let my husband/partner take care of all of it.
- Highly involved- I take care of all the household finances.
- Involved- I share the responsibility equally.
This question deals with much more than paying the bills. It’s about financial planning for the year, three years, ten, and even into retirement. It’s about participating in your own financial life, monitoring your investments and about understanding how your financial needs will change through the years.. But how can you start doing this if you’ve never done it before? How can you feel like you have the information you need to make sound decisions. It all starts by putting pen (or pencil if you are someone who likes to change things) to paper and setting goals, understanding your income potential, and making the two match.
- What are your top three sources for financial information?
- My family and friends, and (more specifically), my parents
- My husband/partner/lawyer/family member
- Websites, individual research, financial planning friends, influential/successful
- Books, websites, family members
All sources for financial information can be powerfully helpful. Speaking to family and friends about their successes in crafting their financial plan, or the pitfalls they’ve learned to avoid can help guide you. Talking with your partner to be sure your goals align is critical to developing a sound plan, and a better financial relationship, as well. And then doing some digging -there is much at our fingertips that helps us become smarter on nearly any topic. The point is to do it. Spend 30 – 60 minutes more each week than you currently do on becoming well versed in financial news, trends and resources. Do this on your own, with your partner, or with your broker’s help. The key to becoming empowered is the right information.
For even more guidance on how to Empower Yourself Financially attend this free seminar – November 16th – Parkside Lodge, Buffalo. Register: https://empoweringfinancially.eventbrite.com/
