Women generally have huge hearts and can sometimes let their
hearts lead their financial decisions. Even the most educated and most
successful women can let their hearts influence their financial decisions. Here
are some examples of how women may be dealing with financial situations:
– Children ask for
money for the latest thing(s), and mothers usually say yes. When mothers spend
too much money on their children, they may not be saving enough for retirement.
– Women who allow
their husbands to handle every aspect of financial decisions may find
themselves in crisis when a spouse is injured, they are divorced or widowed and
discover they are unprepared to manage all facets of their financial life.
– Single women –
those who never marry or who are divorced – are often uncomfortable with
finances and may even be bored with financial matters. Still, they are anxious
about being financially secure now and in the future.
As women, we need to take control of our financial life and
be honest with ourselves and others in our relationships. We are generous with our love, time and money
and we shouldn’t stop being kind, generous people, but we must be sure that our
acts of generosity are not depleting our financial future and retirement
plans. We must learn to say “NO” out of
love, not out of fear. If you pay for a child’s college education, will it
jeopardize your future retirement? This act of generosity could potentially
create financial stress for years into the future. Your act of charity should
never put you at financial risk.
Women need to set financial limits. Our goal should be to
raise financially independent, successful children. While it may seem
reasonable to help a family member, continuing to pay expenses for grown
children will not help them become financially successful adults. It might feel
like tough love, but in the big picture, it truly helps everyone.
Make financial decisions that support your financial goals
and secure your financial future by taking time to think through the situation
and process the outcome. Lead with your head, not your heart. Being financially
smart will help you secure your goals and achieve financial success.
If you are faced with a decision and need additional
information or maybe just a sounding board, reach out to us and let us help you
think through your options. Together we can find the right solution for you.