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money smarts

A Tribute to Money Smart Women and Moms

By | 2020, Money Matters | No Comments

May brings a time to reflect on women and the influence they have or have had in our lives. Whether it is a mother, grandmother, sister, daughter, or a good friend, we can all think of someone we love that has inspired us.

Helping others is an innate, nurturing quality of most women. If we have the knowledge, we want to share it with those around us. This is especially valuable when it comes to sharing our knowledge of money.

It was not that long ago that people did not talk openly about money. Thankfully, times have changed. Money has an impact on each of us, from earning a living, to buying groceries, to paying for college, to saving for retirement. It touches almost every aspect of our daily lives, and at some point, we developed ideas and values surrounding money.

Looking back, I can see how the lessons I learned at an early age helped to create a foundation for my financial decisions today – saving, living within my means, investing in my future, and giving back, all principals that were taught to me when appropriate. The lessons do not stop there. How we earn money is important as well. Do something you enjoy, give it one hundred percent, and treat others fairly, are some of the cornerstones I try to build on.

The decisions we make surrounding money are unspoken examples to those who are watching, and the message we send is important. Think of your situation, who helped form your financial values?

You can share your money smarts with others by talking openly about money and sharing your experiences, good and bad. Stories are a great way to do that. It helps others connect with the message you want to convey, and it makes you seem more relatable. Remember, no one is perfect; sharing your hardships and failures is just as important as sharing your successes.

We make a difference in the lives of others, even if we are not mothers. If we share our experiences, we can help others make better financial decisions and become successful, financial speaking.

I admire you for mentoring those around you. You are generous beyond measure, with your time, talents, knowledge, and, when possible, your money.

I wish each of you a wonderful Mother’s Day.

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Be Smarter with Your Money

By | 2018, Money Moxie | No Comments

Women outlive men by an average of 5 years. That means women can’t treat their finances exactly as men treat theirs. Women need to think about money for the long term, that way they can retire worry-free. Here are some things women should be doing now to prepare for the future.

1. Invest early – Why? Because you will need more. After retirement, women will have around three decades to enjoy their lives. Take advantage of your paychecks now. Enroll in a 401(k) or open a Roth IRA. The longer you are invested, the more compound interest you stand to accrue–which means you are making more money. It is never too late to start investing no matter what your age– even $100 can make a huge difference (maybe giving up your Diet Coke habit). It is satisfying to watch your money multiply.

2. Keep your eye on the goal – Because you have more time, that means there are more possibilities for things to go wrong, anything from divorce to job loss or death. It is a great idea to have multiple “what if” scenarios in your plan and have regular financial checkups. Discuss your long-term goals with your Smedley Financial advisor, who can help you stay on track.

3. Get involved in your finances – even if your spouse is the one “who does it.” You should know what is coming in and going out each month. It is important to “know” about your money. For example, your account numbers, passwords, etc.

4. Always be looking out for yourself – Women will spend on average 12 years out of the workforce, raising children or caring for elderly family. Even if you are not getting paid for this work, it is important to invest into an IRA and contribute as much as you can. This will help improve the financial future for you and your family. You can’t help others if you can’t help yourself.

 

Source: https://www.mfs.com/subs/redbook/pdf/redbook_fly_9_17.pdf

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