Women & Money: It’s Time to Take Control

In today’s post I’m sharing 4 women and money tips because I love to talk about women and money. If the thought of investing, planning for retirement and making important financial decisions makes you feel overwhelmed at all, you’re not alone. When I was working with money coaching clients, nearly every client felt overwhelmed by the world of personal money management.

According to the Allianz Reclaiming the Future Study (2010):

• 33% of women feel financially unprepared for retirement
• 38% of women are uncertain that their income will last throughout their lifetime
• 37% of women are concerned about possibly outliving their sources of income
• 53% of women stated that protection and security for their assets has become more important

While the above statements may be the reality, we still find that women feel that the financial services industry at large has let them down (especially those with smaller investment accounts, under $250,000).

The reason becomes obvious when you realize that seventy-five to eighty percent of financial advisors are men. Male advisors talk to women as if they were talking to men. They do not consider the fact that the topic of money for women is emotional and is much more complex than it is for men.

For women, making money decisions is an emotional process. It’s not just a transaction like it is for men.

Consider also that most advisors target investors with larger account balances (five hundred thousand to one million dollars and above), because the bigger the account, the higher the fees they earn.

When it comes to investing for a secure financial future, this leaves middle Americans out of the picture.

Question: How are you as a woman going to get the help you need to plan for a successful retirement when you are the type of investor the average advisor overlooks?

Follow these 4 women and money tips starting today:

1. Take charge of your finances. Live (20-30%) below your means. Pay off debt and increase savings. This book provides a step-by-step plan.
2. Increase your financial literacy by reading and taking classes, so you can learn how to create your own Do-it-Yourself retirement plan that includes guaranteed lifetime income and some sort of Long Term Care coverage.
3. Rewrite your money story. A balanced relationship with money begins on the inside. This article walks you through five steps to heal your relationship with money.
4. Read books about women and money. I wrote the book How Every Woman Can Retire Without Worry: 10 Simple Steps to Secure Your Financial Future to help take the overwhelm out of retirement planning for women. Here’s what one reader had to say:

Money is an emotional issue, especially for women. The author gives great encouragement that it’s never too late to plan for your financial future (retirement), and shares wise, practical steps and resources, like the power of saving. I love how she says you can be a Money Queen and you can start small with your Queendom, one step at a time. She also shares on more complex matters like IRA’s, annuities, and real estate investing to whet your appetite to build greater wealth. A great book! ~Beth J.

The bottom line is this: as women, we need to make our financial well being our own responsibility. We need to be our own advocate in the area of our finances.

Any one of the four steps I listed above would be a great next step for anyone wanting to get started down the path of financial self-empowerment.

Here’s to your own financial empowerment!

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More Money Mindset Articles:

5 Steps to Heal Your Relationship with Money

20 Money Affirmations to Increase Your Finances

Commanding Your Morning: The Life-Changing Power of Affirmations

20 Biblical Affirmations for Financial Success

30 Affirmations for a Healthy Relationship with Money