About money, especially as a woman.
What I wish I would have told my younger self
Money. It’s a big topic that can cause a lot of emotions based on your relationship with it, today and in the past.
If I was transported back to my teenage years, I’d let myself in on a few things that only women experience when it comes to money.
‘there are some things you should know as a woman ahead of time so you can focus on what’s going to help you achieve your financial goals’.
I’d tell myself...
Just take it into consideration when creating your financial goals. According to Statistics Canada in 2022, women earn $0.89 for every $1 that a man makes. In your career or business be bold in asking for compensation that is fair market value. Look for careers and business opportunities that will pay you well. Don’t settle. You are a valuable asset. Better yet, create your own business so you’ll never have to deal with pay discrimination!
1. Pay discrimination is real, but don’t get distracted by it.
You may want to take time off work to have babies, raise kids, or look after elderly parents. If that’s your passion and desire, go for it. You’ll never get that time back so use it for things that matter to you. However, be sure to calculate lost income from the years out of the workforce into your financial goals. If you are not contributing to your nest egg during those years off, you will lose some powerful years of compound interest. If you can plan to still contribute while off, that would be golden!
2. If you want to take time off for the important events in life, do it with a plan in place.
You can more accurately determine when you retire by the amount of money you have saved in order to have enough to pay for your annual living expenses. In your planning take into consideration that you may have to work a few more years if you took time away from the workforce to make up for lost income. Also, women tend to live longer than men, so if you do marry, consider that you may need more in your retirement fund to cover some solo years.
3. Retirement is a number, not an age.
Money doesn’t have to be complicated if you know what to focus on. If I could go back in time, I would have told myself to look for ways to create recurring cash flow, so that eventually the multiple streams will cover all expenses and more on an ongoing basis. This is the target, this is how you win at money. Find ways to use your money to work for you, instead of you working for money.
4. Cash flow is the target.
In fact, you have a responsibility to yourself to know your numbers and pursue your financial goals. You don’t have to be good at math or understand complex formulas, all that is required is a commitment from you to look after your money. Don’t give the responsibility to someone else and pretend to be a damsel in distress when something happens. If you can menstruate every month or ride your hormonal roller coasters while juggling all other matters in your life, you can excel at managing and growing your money too. If you are married, share the responsibility with your partner and make a plan together. You’re smart enough to know you can’t do everything on your own, so surround yourself with trusted advisors and be an active participant in this part of your life.
5. You are capable of dealing with any financial matter.
Here’s how you spell Debt: “D-deceives E-every B-body T-temporarily”! It charms you with “buy now, pay later” so that you don’t even realize you’re being deceived. Until you don’t actually pay later, then it becomes a problem. For women, the deep hole of debt can start in school. According to a 2018 report by the American Association of University Women, women hold $900 billion of the $1.5 trillion in student loan debt. At the same time the average age people get their first credit card is 20 years old (Ascent, 2021). It’s a double whammy - you start your career saddled with student debt and the temptation to buy now, pay later with a credit card is so strong because it only takes 2 seconds to tap yourself into a hole. At all costs avoid consumer debt and make your number 1 priority to get out of debt as soon as possible. When you have debt payments you no longer have control over where your money goes every month. Only when you are debt free can you be the one to decide what to do with your money. When you have control you can start to put money to work for your future, not your past purchase payments.
6. Don’t be fooled by debt.
I’ve learnt a lot from the money mistakes I’ve made, and looking back I’m grateful for them because it caused me to put on my big girl pants and figure it out. Here’s what I know to be true; you are capable, resilient and courageous. And when you figure it out, be sure to share it with your daughter, sisters and girlfriends too.
I get it ...
I know what it feels like to be under the burden of debt. I’m here to tell you that it doesn’t have to be that way any longer for you!
I figured out how to get rid of debt for good, and I want to share it with you in this guide in 8 simple steps.
I’m here to tell you that it doesn’t have to be that way any longer for you.
Get The Guide
8 Simple Steps to Get out of Debt for Good
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Kristie:
10 Things You Need to Know About Money
Very few of us are taught about money, whether in school or by our parents, so it’s no wonder we enter adulthood with very little idea of how to win at money. It’s a trial and error kind of lesson, some people accept their results, while others seek out information to help them improve. Since you’re reading this, I’d like to congratulate you for seeking out information that can help you improve this area of your life.