What Money Mistakes Are You Making

Monday, August 22, 2016


What Money Mistakes Are You Making?

We all make mistakes. Yes, even the most put-together women do, and even when it comes to finances. Keep your eyes peeled for signs of these money mistakes that you may be making without even realizing it:

*Money Mistake #1: Letting Your Husband Handle the Finances

We are not still stuck in the ‘60s, are we? Let’s get current. Aim to be partners with your other half in all aspects of life, including when it comes to money.

While you don’t want to think about your husband passing away before you, if it does happen and you are not knowledgeable of your financial situation, you have to try to sort it out while grieving, which would only add to your stress.

*Money Mistake #2: Not Asking Questions

Financial talk can seem like a foreign language if you have little experience with money. If you have a money advisor, he or she may use terms that you have never heard of before. The same scenario may be true if you research investing or another money-related subject online; you may read words you’ve never heard of before.

Take the initiative to learn more by asking your advisor what the financial jargon means or looking up the meaning of words online. Don’t shy away from asking questions about your money, ladies, as you are only holding yourself back from success.

*Money Mistake #3: Taking Less Risk or Not Understanding Risk

In general, women tend to take fewer risks than men. By the time retirement approaches, men have about one-third more in their retirement fund than do women. The reason usually is that men take more risks with their investments than do women, which earns them more return for their money. Ladies, I am not saying you should take more risk at all costs. I am saying become aware of risk and explore that what that really means for you. Then step up and make sure you understand whether you investments are actually invested in the appropriate risk profile.

If you are not sure how to compose a financial plan, what certain investment funds mean, or which strategies can get you a higher return on your money, feel free to reach out to me. I specialize in helping women just like you better understand finances and empower themselves by taking control of their money. Let’s work together, starting today!

Here is your No Risk Action Plan:

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