Is money controlling you, or are you controlling it? Are your finances a source of freedom or a cause of stress? These money tips for women will help you determine if you’re financially independent, or if you need to take control of your money….
“Women need to develop a healthy, honest relationship with our money,” says financial guru Suze Orman. “And we have to see this relationship as a reflection of our relationship with ourselves.”
In other words, our financial lives (mortgage payments, credit card debt, emergency savings fund, monthly budget, etc) are part of who we our as women. The serious debt or extreme wealth in our finances directly affects our emotional, physical, and spiritual lives. For more info on women and money, click The 9 Steps to Financial Freedom: Practical and Spiritual Steps So You Can Stop Worrying. And, read on for several sings of a financially independent woman (inspired by Suze Orman!)…
5 Signs of a Financially Independent Woman – Suze Orman
1. Financially independent women are aware of their “money personalities.” Did your parents invest in real estate, a secure low-interest savings account, mutual funds – or did they struggle with debt? Your saving and spending habits, investment style, attitude about money, and financial perspective is shaped in part by the way your parents treated money in your childhood. Your money personality directly affects your relationship with money – and the more self-aware you are, the more financial independence you’ll enjoy.
2. Financially independent women take financial risks. A financial risk doesn’t necessarily mean investing $10,000 in a friend’s new business or charging a $2,500 dollar dress to a maxed-out credit card. Taking healthy financial risks includes investing in your career by going back to school full or part-time, taking a mortgage on a small piece of real estate, or exploring ways to earn money from your hobby.
3. Financially independent women have their own checking, savings, or credit card accounts. So many readers make comments on my “Quips and Tips for Achieving Your Goals” blog about how they want to leave their common-law or married husbands, but can’t because they have no money to support themselves. Having a separate checking or savings account is the most basic sign of a financially independent woman…and yet many women don’t have their own source of money.
4. Financially independent women have both individual and couple money goals. Our goal as a married couple is to pay off the mortgage within a few months; my goal as a businesswoman is to earn $2,500 per month from my blogs. My husband has his own financial goals, mostly related to investing money in stocks and bonds. For a woman to have true financial independence, she needs to have goals that are separate from her partner’s. If you and your partner see money differently, you might find Dealing With Different Money Personalities as a Couple helpful!
5. Financially independent women understand basic personal finance. This is where books about money for women are so important! I can’t describe retirement investing, compound and simple interest rates, living trusts, home insurance, income tax strategies, etc here – but a basic understanding of money is crucial for women. The more you know about basic personal finance, the more independent you’ll be.
One of my favorite books about money for women is Lois Frankel’s Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women Make with Money
Orman has the final word about money, though:
“Remember to stay involved with your money, to nurture a healthy relationship with it, for what happens to your money affects the quality of your life and the lives of all those you love.”
Are you financially independent? If not, have no fear…my next article will be “Steps to Financial Independence for Women”!
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