TEN STEPS TO FINANCIAL SUCCESS
Set a goal: Ask yourself what finan- cial independence means to you and determine your “enough” point. If you’ve already reached it and con- tinue to work long hours to buy more stuff, it may be time to re-evaluate your priorities.
Keep good records: Balance your
checkbook every month and use that account only for ready cash and bills (the rest goes into savings). Create a bill file and pay them on time. Know- ing how much money is coming in and out is critical to relieving anxiety and will save on fees and fines.
Save: Every woman needs a safety net in the form of her own savings account. Remember that on average, half of all marriages end in divorce, women tend to outlive their hus- bands and other relationships often end. Ultimately, you should have liv- ing expenses for six to eight months saved. Put something in the account each month, even if it means mak- ing a lower payment on a household credit card.
Get out of debt: Pay off the highest
interest rate credit card first; once it’s at a zero balance, shift all that money to another one. To avoid racking up debt again, envision what you would do if you didn’t have that monthly payment and put a picture depicting it on your refrigerator or stick a Post- it note describing it on your credit card as a reminder.
Spend thoughtfully: Consider
money spent as “life energy.” Every time you spend, ask yourself: Is it worth the life energy (or time spent working) it will take to earn this amount back?
Open a retirement account early:
As with savings, many women tend to leave the couple’s retirement ac- count up to their husband, but you
36 Collier/Lee Counties
need your own. Start today by sock- ing away a reasonable portion of your income each month. Depending on the investments you choose and what the market does in coming decades, that could amount to a nice nest egg by retirement age.
Invest wisely: Be prudent, but not too prudent. If you’re young, invest the bulk of your retirement in stocks, which tend to outperform bonds. If you are closer to retirement, shift to stable-value funds.
Consider joining or starting an invest- ment club. These meet regularly, pool $25 to $100 per member per month, discuss investment strategies and col- lectively choose stocks to invest in as a group. Of the 8,600 clubs in the United States, about one-quarter are women- only, according to the nonprofit Better Investing. Learn more at BetterInvesting.
org or ChicksLayingNestEggs.com.
Think in thirds: Think of your
money in three segments: “past, present and fu- ture.” Spend some of it paying for the past (get- ting out of debt), use some to treat your- self in the present (to keep yourself from feeling deprived) and invest some for the future.
Show
gratitude:
It is inter- esting what begins to
happen when you start to say “Thank-you,” to
people, observes financial
swfl.naturalawakeningsmag.com
advisor and workshop leader Rose- mary Williams. Your employees work harder. Your banker might waive a fee or make a courtesy call to let you know an overdraft is pending. More importantly, it forces you to take stock of what you do have right now—and appreciate it.
Trust your instincts: If it doesn’t feel right, whether it’s an investment or a new business partnership, don’t do it. If it does feel right, do your home- work first before making a decision.
Sources: Your Money or Your Life,
by Vicki Robin, Women and Money, by Suze Orman, and Rosemary Williams, author of The Women’s
Book of Money & Spiritual Vision
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