Introduction
"What makes you stand out in a crowd? Why should I hire you rather than any of the other thousands of financial advisors out there?" my business coach challenged me.
"Well, I don't know. I'm good at what I do. I've spent a lot of time learning how to be a good advisor." I replied.
"Boring!" she said.
"Well, I provide good service to my clients." I said.
"Everybody does that. What makes you stand out? What makes you different? What are you passionate about?" she said.
"What I really want to do is educate women in managing their wealth. My vision: Every woman will be strong and fearless in accumulating and managing her wealth and will feel empowered and confident in her financial future. “
"Why?" she asked.
"I've seen too many women, even in this day and age, believe it or not, who have been stranded by divorce or widowed and have no clue how to manage their money. I've seen young single women making good money who have totally ignored this area of their lives. They make tons of money and have nothing to show for it. It's spend, spend, spend!
I've seen women who are afraid they'll become bag ladies and are totally afraid of tackling the world of managing their money and investments. Their fear keeps them from facing the music. They don't know how much they're worth, how to live within their means or even how much debt they have.
I've seen too many successful women manage a household, raise children, run a successful business and neglect their wealth building for a secure financial future and be embarrassed and ashamed that they have not taken care of this area of their lives.
I want to be the guide that steers women through the waters of financial management. Those waters will sometimes be calm and smooth and other times will be stormy and choppy. But we’ll keep our eyes on the shoreline!”
"I think you've found your purpose." she said.
Background
In my household growing up, no one really talked about money. However, I did know that both of my parents worked hard for their money; and I knew that my mom was very frugal and careful about every penny that she spent. My dad was a small business owner, and I knew that at times there were some lean years. I knew that I should be careful with my money and how I spent it, but I had no clue about investing for my future.
When I was in my twenties I worked in a brokerage firm, and I was encouraged to start contributing to my 401(k) retirement plan. Fortunately, I did. I also had other investment and savings accounts in stocks, bonds and CDs. That would come in handy later on.
Professional Life:
Fast forward to my late forties. I was a divorced single mother of two at times struggling to make ends meet. I was glad that I had savings and investments to get me through some tough times. Later I started my own business as a financial advisor with very little client base. I was glad that I had “grown up” in the brokerage business and saw the power of investing. I also realized that many other people didn’t have this advantage; they didn’t have this discipline and knowledge of investing. Honestly, if I hadn’t had my savings and investments to see me through, I probably would have had to give up my business and go look for a job.
As my business grew and I began to advise more people, I began to see a pattern. Many women would leave the investing to their husbands. They weren’t interested in it, and they didn’t want to deal with it. I talked with many single women who were waiting for a knight in shining armor to save them.
It dawned on me that I needed to do something to change this situation. When a widow was referred to me, I helped her consolidate her assets, managed her investments, and educated her about investing and living within her means. I began to see that women really needed education when it comes to earning, investing, and saving for the future.
In talking with many women I’ve found that one of their biggest fears is being a bag lady and a burden on their children. Women want a secure future and in many cases, if they feel they can’t achieve that, they go into denial and don’t face the music.
I found some great workshops for women and investing, I give these workshops several times a year. It helps women realize they’re worth more. It helps them face their money issues, and helps them feel confident making decisions regarding their finances.
When women come to these workshops, they are often afraid to ask for what they’re worth. They avoid money issues out of fear of what they’ll find. Their procrastination in this area creates anxiety within themselves.
I see women transformed in these workshops from avoidance behavior to enthusiastic embracing the fact that they are worth more and are willing to confidently pursue responsibility for their financial future.
One client came to this workshop worried about many things but afraid to ask her husband. After attending this workshop she found the courage to find out how much life insurance he had, how much he had in investments and how much debt he had. She found out the good news and the bad news. Now this couple is working together to work towards their financial goals.
I also have a Women’s Wealth Club for women who have attended these workshops. We pick financial goals to work on and hold each other accountable.
Other things that I would like to help implement: financial management courses taught (actually required) in high school. Isn’t this as important as anything else students could learn? Some states are already doing this. I would also like to see women investing at younger ages. You have to save so much less to meet your needs if you start early. Unfortunately, by the time most people start to get serious about their money, they are usually in their forties.
Personal Life
Fortunately I learned early on to save and invest. Sometimes it has been challenging to live within my means. I haven’t always done things right. I didn’t always budget, and I didn’t always practice what I preached. But I do learn from my mistakes.
I love the women’s wealth workshops that I teach, and I grow and stretch myself even more each time I teach one. The Women’s Wealth Club helps me achieve my personal financial goals and gives me a network of women who are friends and hold each other accountable.
While there are always events in life that we can’t control, having a roadmap for getting where we want to go will better enable us to get there.
Wrap UP
I love seeing women transformed from avoidance of their finances to confidently embracing their financial futures.