I am not a fearful person, but I do have these nagging fears when it comes to women and money.
My fear is that we don’t get it when it comes to savings and investments. We are inundated with investment information, but we don’t know how to process it to make the best decisions.
I fear that the generations after the Baby Boomers will have to work their entire lives because they cannot retire.
My fear is that those who inherit savings from a loved one will spend it all in less than 18 months and not think about how this gift could fund their lives for generations.
I fear that that we will focus more on our children and their education than on our needs and retirement goals.
I fear that we will only focus on the NOW and not think later will come.
I know you are thinking, that’s a lot of fear for someone who isn’t a fearful person. The good news is the solutions to these challenges are simple.
We need to start thinking like our grandparents did. Buy only when we have the cash. Stop buying on credit when we know we cannot afford it. I think most importantly learn to live within our means, factoring in our savings need. This is why a budget is a handy tool.
Learn to better negotiate/strategize for higher salaries. You don’t have to take the first salary offered. Companies expect you to negotiate and often respect you more when you do.
I’ll explain more about these topics in upcoming posts, but here’s my point today: If you insist on your professional worth, live within your means, save consistently, and take appropriate risk with your investments, you’ll be on your way to a solid financial future. Then I won’t have anything left to be fearful about.