In the midst of Women’s History Month, we can use this time to reflect and celebrate women’s contributions in this country, as well as marvel at how far we have come (and have left to go).
There was a time history, not that long ago when women:
- Could not own property
- Didn’t have a say in economic policies
- Had no right to vote
It wasn’t until 1946 that women were allowed to serve on juries, and women were not allowed to enter the practice of law until 1971.
It was The Equal Credit Opportunity Act of 1974 that gave women the rights to own her own credit cards. It wasn’t until that Act passed that a woman could open her own bank account - previous to that a man had to cosign to open an account.
Oh baby, we have come a long way since then. And thank goodness.
But as a financial advisor, it pains me to see how many women (of all ages) shying away from understanding and dealing with money matters. Frankly, many women seem to take for granted and underutilize the rights that our foremothers fought so hard to help us gain.
From what I have viewed in my three decades in the financial industry, I’ve found that most women tend to be what I call a money avoider.
In general, money avoiders tend to view money as an uncomfortable subject, as well as a source of fear and anxiety. They are more comfortable letting someone else take care of it than to grab the bull by the horns, so to speak, and take charge themselves.
Why is this?
It has been proven that statistically, women live longer and therefore need more financial resources.
Women are needed and necessary members of their families and communities. Women tend to be the emotional “sandwich” of our families—we help with our children and our parents and our partners, family and friends, and everything in-between. Even though we tend to be meat that holds everything together, it’s also too common to get spread too thin and not take care of ourselves.
So often, I see women who would rather be the caretaker of someone else’s dreams than their own.
Money is such a personal topic and a sensitive issue for many. So much of our money beliefs stem from what our parents taught us, our culture, friends, family and career life. No matter where you are in your journey to reach your financial life goals, it is always helpful to be aware of your past experiences with money—whether they were positive or negative.
The good news is that you have the opportunity to rewrite how you personally view money. While money beliefs can be passed on from one generation to another, they do not have to be permanent. Once you’ve identified your patterns of thinking about money, you can begin to examine how changing those beliefs can fundamentally improve your financial situation. Then you will truly be ready to take mindful, deliberate steps to turning resolutions of change into reality.
If you can start thinking on your money matters, you can then think and perhaps do things a little differently that will help to shape and change your financial future.
So join me, let’s be brave enough to look inside at the choices we make around money and let’s be willing to financially take care of ourselves since so many other lives we love count on it.
If you’re looking for assistance with improving your financial situation, schedule a free call with us today.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.
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