I recently attended a panel discussion at BlogHer Business about how to help women feel more comfortable talking about money & here 5 tips that can help
Let’s be honest, for many women (including me!) talking about money can be intimidating and unappealing because traditionally men have been responsible for finances in our culture. Obviously, times are significantly changing, and women are now stepping into their power and rivaling men in their earning potential, nonetheless talking about money and finances tends to be a taboo subject for many of us. One of the leading investment firms in the finance industry, Capital Group recently conducted a Wisdom of Experience Survey that found that the majority of Americans would rather talk about almost anything, even their sex life rather than talking about money!
Because of my financial insecurities as a woman and my desire to be more empowered about money, I was delighted to partner with Capital Group to help raise awareness about the importance of talking about money and taking charge of your financial future. For women in midlife like me, money matters become increasingly more important because many of us dealing with things like taking care of aging parents, sending our kids off to college, and focusing more heavily on retirement savings.
I recently attended a very enlightening panel discussion hosted by Capital Group about How to Have the Money Talk at the BlogHer Business Conference in LA with three inspiring powerhouse women who work in the financial world and have made it their mission to empower women to take charge of their money matters. During this panel, I garnered a lot of useful tips about how to start being more comfortable talking about money and I wanted to share my top 5 takeaways with you in hopes that it will help make talking about money and financial matters just a little bit easier:
1) Just START Talking About It!
It may sound simple, but try to make more of an effort to have regular conversations about money and look for organic opportunities to segue into the topic. Here’s a wonderful example that one of the panelists shared to help ignite the discussion: The next time you are having lunch with a girlfriend, and you both take out your credit cards to pay, ask her what her interest rate is on her card as a launching point for a money conversation. Talking about money is empowering!
2) Ask Your Money Savvy Friend for Advice
Look around at your close female friends and family members and see who seems to be doing a good job managing her money. Compliment her and tell her that you admire the way she looks financially savvy and ask her for a few tips to get you started. It’s as simple as that!
3) Confront Money Taboos at Home
Make an effort to talk to your partner and children about finances to help normalize the conversation. The more you avoid it, the harder it gets. Also, seek the advice of a trusted financial advisor who can make strategic recommendations and help you invest wisely for the long term.
4) Bust Your Money Myths
One of my favorite experts on the money panel was Nicole Lapin. She’s a news anchor and NYT Bestselling author of books like ‘Rich Bitch’ and ‘Boss Bitch.’ Nicole has a wonderfully blunt and honest way of talking about money that I found very refreshing! Have you heard about the ‘Latte Factor’? Nicole’s advice is just to buy the latte! She thinks that if you allow yourself small indulgences like a latte, then you’ll be less likely to binge on something much more significant later on. She also said, “A man is NOT a financial plan!” Love her!
5) You Need to Save More Money Than You Think for Retirement
Capital Group conducted a research study that found that when people envision their retirement years, they are motivated to save up to 31% more from each paycheck to have a much more financially secure retirement.
Capital Group, home of American Funds, has been focused on improving people’s lives through successful investing for almost 90 years. Capital Group’s long-term investing approach helps people prepare for their most important life goals from buying a house or putting a child through college to saving for a secure retirement and they are known for their low fees and superior results for long-term investors.
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