Mar 11
8
Financial empowerment for women over 50
One of the first steps leading to financial empowerment is a simple yet powerful one; it is to decide the reasons why you want to have money. It is important to remember that it is not the money itself that enhances your quality of life, but rather what you can do with your money, such as charitable giving, vacations, building a retirement nest egg for a financially stress free lifestyle, buying a home or a vacation home, and paying for quality education for yourself or your family. I like to call this your money reasons.
While it’s important to learn core investment education, such as as the basics of the stock market and the ability to monitor your investments, I have found that until you deal with the psychology of money, it is hard to become the woman you want to be with your wealth management.
Give some serious thought to your money over the next few days and understand your own reasons for wanting it. Once you know why you want to have money, you’ll embrace the importance of giving it your attention to make sure that it grows so you can reach your financial goals and ultimately your life goals.
Think of your very own money reasons without guilt or shame. Don’t think of someone else’s reasons, or what you think your reasons should be. As you explore your reasons, think about whether you value the experiences or the “things” most. From your past, is it the memory of that ski vacation years ago with your family that really brings you joy, or was it driving your brand new car? Your greatest joy may come from making financial donations to charities that are dear to you. These are all valid money reasons.
When I was 16 I had my first experience with a large sum of money; I bought my first car; an orange volkswagon bug. I still recall the new car smell that it had and my excitement over being able to buy that car! I had saved the money for a down payment from working, and at age 14 my money reason was to buy my first car. Our money reasons change as our lives change and the paths of our financial journeys change. When you create your money reasons, think of what is important for you to create in your life both now and in your future.
What do you want to do with your money? Is your money reason to have financial security from the ability to pay the bills each month with additional money to compound, or is it to have funds to send your grandchildren to college? Give some thought to your very own money reasons. Think boldly. Dream and expand your imagination. Discover your own money reasons to embrace your financial empowerment.
Listen to Susan’s Blog Talk Radio interview with Camille here.
