Not Having Money Is The Root Of Evil… Here’s Why

Once a woman takes control of her finances, she will never be powerless again. The growing power of women and finances is not some fly by night fad. It is the new normal in American households. 73% of households in the US are managed by single moms or women who are the primary breadwinner of the family and because of this fact; women need to have a handle on how to become more money savvy.

We often hear that money is the root of all evil. I think that NOT having money is the root of evil. Here’s why…I was at home on a rainy Sunday afternoon and was looking at a program on T.V. called “Snapped”. This particular episode involved a woman who grew up being spoiled by her widowed mother. The young lady was an only child and stood to inherit her mother’s fortune. Now there is nothing wrong with that because parents are told to build an inheritance for future generations (Proverbs 13:22). How did this whole scenario go wrong? The young lady and her boyfriend plotted and killed her mother to get the inheritance sooner than she was entitled.

Now I know this is an extreme case, but I’m sure that you can think of other examples where the lack of money caused people to do desperate things.

Starting here and now, I want you to start thinking about where you are financially and where you want to be in 5, 10, 30 years from now. You can’t get there unless you know where you are now. We have all seen the infomercials where the advisor tells the client that she can’t afford that $200 camera and maybe she can’t right now, but I have yet to see that same advisor show her client a clear path to how to get there. Whatever path you start on it has to be sustainable and fun or it won’t work in the long run.

The lesson take-away this week is, start where you are, you don’t have to be rich to start building an inheritance for you and your child. Next week, we will share a plan to get started.

Financial Safety Net for Women – Part 2

Last week we discussed the importance of building a form financial foundation. This week we will cover the first step; pouring and solidifying the concrete. This step involves meeting with an insurance agent and/or a financial advisor so you can complete a survey entitled a fact finder (needs analysis). This fact finder will uncover where you are financially and where you want to be in the future. It will formulate a plan for your financial objectives and goals. Some of the questions on the survey are: 1) Where day you want to be in 5, 10, 20, 40 years? 2) Do you need long-term care coverage? 3) How much life insurance do you need? 4) How much money should you have in savings for emergencies, etc.

Women are especially vulnerable in planning for their financial future. Schedule an appointment with an agent or planner to get started building your foundation.

Financial Safety Net for Women – Part 1

We are starting a new series for women. This series will focus on areas that are of importance to women, their families and their businesses. Statistics has shown that if we aren’t already, most of us will be the sole person responsible for our financial security. A woman who is out of the workforce due to family obligations or illness will have a longer recovery period financially than her male counterparts. On average, it takes about five years to make up for every one year of absence.

We are all concerned about retirement and investments but to have a strong foundation we must start with protection. Our next blog will cover creating a financial safety net for women.