Lady Money

This episode is about financial empowerment. Women are set up to under-achieve when it comes to managing money. We’ll be discussing:

• Why is money such an “issue” for women? Women have inherited a disengagement with money. It just seems safer to avoid it!

• Is society partially to blame for gender wealth inequality? Society continues to reinforce the view that men and women have different roles when it comes to money.

• Why is addressing lack of confidence a good starting point? The legacy of disempowerment is a key reason why confident women struggle to be confident with money.

• Embracing the reciprocal nature of money leads to positive change It is not just about accumulating wealth. Financial control actually allows you to give and invest more.

In today’s episode we are going to talk about reaching your potential. And the tool we are going to use is adopting a growth mind set. We’ll be discussing:

• What is a mindset?

• What does your mindset have to do with potential?

• What is a growth vs. fixed mindset?

• Can a confident person have a limiting mindset?

• What is your money mindset?

• How can we adopt a positive money mindset?

A positive mindset that helps us have a better life and more financial control.

This Lady Money episode is about creating a more abundant money mindset. Money Coach, Heather Picard and I discuss what a successful money mindset is and how women can turn a tendency to stress over scarcity into the ability to take financial control and the ultimate goal – life balance and a strong sense of wellbeing.

• Confidence --We delve into the role lack of confidence has in reinforcing a negative money mindset and keeping women from taking action to improve their financial situation.

• Money Attitudes – We talk about how survival instincts can sabotage women’s ability to live their lives in joy and abundance.

• Social Change – We conclude money surprisingly has a powerful connection to the ability of women to make a real difference in the world.

• Next Generation – We celebrate the next generation and our role in making sure they have the financial knowledge and encouragement to reach the potential they choose.

The definition of financial security is “the peace of mind you feel when you aren't worried about covering your basic expenses, unexpected emergencies or your future financial goals”. And in my experience, the blueprint for achieving financial security is a combination of financial planning and financial control. Here are a few tips:

• Live happily within your means

• Take full financial control

• Align your values with your money

• Address end-of-life planning

• Talk about money

Ignoring money or mistaking it for a status symbol or a substitute for personal identity will create a vicious cycle. Either way it will feel like there is never enough.

Women have been programmed to think they aren’t good with money. So, we end up in a – I have to, but I can’t – destructive mental loop. Here are some common financial mistakes women make:

• Lack of long-term planning

• Focusing on the numbers rather than goals

• Underestimating other kinds of risk

• Not recognizing the power of a budget

• Investing too conservatively

Setting goals, creating a plan, and allowing for inevitable contingencies is a better recipe for success.

Women have been programmed to think they aren’t good with money. So, we end up in a – I have to, but I can’t – destructive mental loop. Here are some common financial mistakes women make:

• Lack of long-term planning

• Focusing on the numbers

• Underestimating risk

• Not recognizing the power of a budget

• Investing too conservatively

• Not talking about money (or money attitudes)

• Not addressing end-of-life planning

• Failing to review your plan periodically

There’s a definition of potential that I really like – existing in possibility. But most of us don’t live that way. There’s a huge social pressure to conform and you have other obstacles to clear before you can even think about the possibilities. So, reaching your full potential isn’t easy! But step-by-step, with a positive attitude and a growth mindset you can do it. And the rewards are enormous. I view reaching your full potential as a well-rounded state. Having financial control, life balance and adequate attention to your physical and mental health sets the stage for exploring all your amazing possibilities.

The term I used as an advisor when I presented a financial snapshot was someone’s current financial situation. In a recent podcast interview on Financial Literacy my guest referred to this as “knowing where you stand”. Regardless of what you call it, it is difficult to make good decisions or reach your goals without some basic knowledge of your financial big picture.

Money is a dilemma, isn’t it?! We weren’t taught about it in school. It isn’t a polite discussion topic. And historically it is supposed to be firmly in the male domain. What’s a woman to do! Well – smart women break the “rules”.

Self-preservation can come down to learning the basics as well as getting a firm handle on your own financial situation now rather than in the middle of a crisis. If this sounds daunting it doesn’t have to be.

Today's episode is about financial literacy. The term sounds a little daunting, but it is really about distilling down the key things we women really need to know to take control of our finances. Our guest, Reesa Manning, is the perfect guide, having taught women about money and investing for a decade. What do you absolutely need to know about your financial situation? What is a good process for helping you see your financial “big picture”? I think you will find Reesa’s insights valuable and enjoy her inspiring story!