How Wise Are You About Money?

Women Don’t Talk Enough About Money

About 90 percent of women will, at some point in their lives, be in charge of either their own or their family’s money, say financial experts.

Earning money, whether through working or investments, is often a taboo subject for many people – particularly women.

Yet it is interesting that, while talking about money is often off-limits, consumption of goods is frequently discussed, even showcased on social media.

Because money is often a taboo topic, we may feel uncomfortable asking for a raise or becoming more knowledgeable about investments.

When we don’t take responsibility for our money, it is likely because of some negative “money beliefs.”

Negative ‘Money Beliefs’ Keep You Stuck

I often hear from working moms that they avoid asking for more money because they are so grateful for “flexibility,” or they work part-time. They believe “they can’t earn more because they are not full-time.”

Or a woman who is stuck in a job that she hates may believe she “can’t earn money doing what she loves.”

Likewise, a woman may give her partner all responsibility for their family finances, because it is “too much work.”

These are just a few examples of negative money beliefs, ones that can keep you stuck from taking responsibility for your finances, and keep you stuck from having what you really want in your life.

Money Wisdom Isn’t About Getting More Stuff 

The storage industry is now a $38 billion business. Americans have a need for storage space they didn’t have 30 years ago.

Shopping addictions abound. The average American’s debt is on the rise.

Having money wisdom is not about getting more stuff to keep in a storage locker.

Money Isn’t Everything, But Being Wise Is Important

I left a very high-paying job because money, by itself, was not enough to keep me there. For me, and for many people, money is not the most important thing in life.

But being wise about money – eliminating or reducing debt, learning how to budget, saving and investing, and having a plan for retirement – is very important.

Being wise about money helps you have more freedom. It is an important value I want to teach my kids.

Money Wisdom Will Help You Have What You Truly Love In Your Life

Here are a few things that will help you with your money wisdom:

  • Take a moment to think about what you “think” about money. Do these beliefs help or hinder your money wisdom? Is there a belief you could challenge?
  • Do you have a financial plan and a retirement plan? If not, can you schedule a meeting with a financial advisor, banker or wise financial friend to help you get started with one?
  • Do you keep a budget? If you have debt, do you have a plan to pay it off? Ignoring it won’t make it go away and likely will make it worse.
  • Start small … there are many great financial “how-to” books to get you started. I like the financial advisor author, Suze Orman, but there are many books available to start learning!

Increasing your money wisdom will help you have more money.  

Money wisdom will also help you spend your money only on experiences or things you truly love and want in your life – not stuff you will put in a storage locker!

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Kathy

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P.S. — Want to create More Money and Money Wisdom in Your Life?? Check out my “Create More Freedom, Money & Joy Small Group Coaching Programs”.
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Kathy McCabe
Life Coach