I’ve ignored money, the majority of my life. I spent it faster than it came in. I always had very generous salaries, while working in corporate America, however little did I know about investing for the future.
For years, I worked as a assistant administrator, protecting money left in retirement plans. I saw millions of dollars on a regular basis. It wasn’t until I spoke with a retiree regarding uncashed checks totaling ($100,000) that my relationship with money changed.
This retiree stated that they didn’t need the money and would cash the checks when they darn well pleased, and hung up on me. At that moment as I updated their file, my mind shifted to how could someone leave that type of money just sitting around untouched? I would watch this account and re-issue the checks, before the void period.
It made me want to build my own wealth and empower other women to do the same. If he could do it, surely I could as well.
As I continued to work and research the different options for investing, I became more confident, and I learned that there are steps to obtaining wealth:
Credit literacy: Credit literacy is a must. It’s what provides you with the necessary tool to get the best rates. If you are in need of a mentor that will help guide you and provide the knowledge needed to build excellent credit, seek out the assistance of a credit specialist. There are many out there that are eager to help you on your journey. I recommend grabbing this Free Cheat Sheet – Credit Building Tips To Help You Build Stronger Credit
Real Estate Investing: What is the easiest way to get into real estate investing? Consider the following:
- Buy REITs (real estate investment trusts) REITs allow you to invest in real estate without the physical real estate. …
- Use an online real estate investing platform. …
- Think about investing in rental properties. …
- Consider flipping investment properties. … Check out Detroit Land Trust Properties
- Rent out a room… think Airbnb
You can scan the internet to find a multitude of information on the above topics.
Estate Planning: Check out the 2 links below regarding the Vanderbilts, Rockefellers and how even if you’re not a millionaire or billionaire YET, you can learn to protect your wealth.
The book details how 2 powerful and extremely rich families, the Vanderbilts and the Rockefellers handled their money when they died. The Vanderbilt fortune was lost by the next generation. The Rockefeller fortune is still around.
New York Times bestselling author Garrett Gunderson wrote What Would Billionaires Do? to reveal how the ultra-rich grow, protect and preserve their wealth … and how you can do it too, even if you’re not a millionaire or billionaire.
Empowering a woman through financial literacy usually results in improved financial health and well-being for her entire family. That’s because women are affected most in our society.
1. Write down your short-term and long-term goals and your “why”
Why you want to achieve something is important when trying to decide how to prioritize your goals.
For example, if your long-term goal is to buy a home that could later be passed down to your family (that’s your “why”), you could end up with 5 or more short-term goals, including: checking your credit report and score, learning how to increase your score, finding a real estate agent, getting pre-approved by a lender, saving for the down payment and closing costs, and more.
After you set your goals, don’t listen to the naysayers or your negative self-talk, saying, “It’s not a good idea for you to do your own investing or to manage your money.” You’re the best person for the job.
2. Figure out how much money you have, how much you’re earning, and where it’s going. Is the money going to your stated goals?
3. Take time to learn how to fix any issues you see
Your self-inventory results will give you actionable insight on what you need to do to achieve financial confidence and self-sufficiency. Stop thinking about what you’ve been through and the mistakes you’ve made, and what you don’t know or understand. FORGIVE YOURSELF and move forward so you can get what you desire.
When building your estate plan, consider who is capable of managing your money and where your money should go.
If you believe the people you want to leave money to can manage a lump sum, write your own will or have a full estate plan drafted by an attorney. If you want your money to go to a minor, a pet, a friend, or you have a business to protect, then you should consider having a trust drafted. And remember to update your estate-planning documents regularly.
Estate planning is for everyone, and your plan should be updated once a year at minimum to ensure that you are effectively controlling and protecting your legacy.
In conclusion, the more financial literacy women have, the better off we will be. Why not consider joining a network for women that are like minded, to assist you in navigating the process and staying energized. Everyone needs a supportive team.