Many of us are experiencing monetary challenges of one kind or another currently because of those financial professionals! I'm not sure about you, but I don't want any person handling my money who contributed to the recent Great Recession!
And as Baby Boomer women, we grew up during a time when women weren't supposed to touch the family finances beyond (maybe) balancing the household's checkbook. Again, I say which is silly.
Baby Boomer women have gone into space, run for president and vice president, and are running international corporations! I think we've more than proven ourselves able to handle our personal finances!
Granted, wealth management is a skill, and it takes some time to master it. However I have learned a system which is giving me great returns while doing a good job of reducing my financial risk. And, I get to learn the skills and utilize them-no one else is handling my finances for me! I find that taking responsibility for my own finances has actually given me a greater sense of freedom.
Another thing I suggest to women I work with is that we constantly see our finances as an end to one thing rather than an end in themselves. I've seen individuals who lived happily with comparatively little-and those who lived in McMansions and were miserable. I understand you realize people like this, too.
What I recommend, then, is to decide what you want to have and experience throughout the rest of your life. Do you want to learn how to play guitar, take a long trip to Andorra, or go back to school for a science education?
Take a moment, close your vision, and think about the eulogist at your funeral. What do you want this person in order to say about your legacy?
And this our finances are for-to support our dreams and to let us be the people and do the things we want in our lives. The objective of money isn't to create interest, at least not in and of itself. The objective of money is to generate an interesting life!
Similarly, I advise females to not get so caught up in finances that we define ourselves by how much cash we've. This is a common misconception in America-but really, what does it mean? If you want to be a millionaire, great-I desire to be a millionaire so I'm becoming one myself. But the way I'm becoming a millionaire, and what I'm doing with my monetary freedom, are the things that actually matter.
Ultimately, then, my financial suggestions for ladies over 50-or for anyone, really-is all about our attitudes. It can be facing our fears and taking obligation for what is ours. It's about seeing our lives holistically instead of broken into separate segments, with our spiritual or creative lives over here and our finances over there. And it is about seeing finances for what they are-a tool. What we do with that tool, although, is entirely up to us!
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