Money is not everything...
...however, if we have money, we can achieve many of our dreams and goals, and solve many problems. Think about the last time you hoped to take your child to Disneyland, surprise your parent by flying out to see them at Thanksgiving, or send your child to college. You may wish to retire, retire early, or help a loved one with financial difficulty. All of these goals require money. When we have money, we get to decide how to best use it. When we do not have it, we can only wait and hope things will work out.
When I was a child, I heard my mom say, "Money is not everything, but without money, your options are very limited." This message has stuck with me and has guided me to be in charge of my finances. My mom worked all her life and was a good saver. She sent both her children to college outside of the country. She retired at age 58. She was able to help a family member put a down payment toward his first home. Although she is still happily married with my dad, going 60 years strong, she would have been financially "okay" if her marriage did not work out. My mom has proven to be in control of her money in both bad times and good times. She is a role model for me.
I discovered a few very important facts during my 23 years in this profession:
a. The average age of a widow is 55, and 75% of women will be widowed by age 59. 1
b. Many elderly widows living in poverty were not poor before the death of their husbands. 2
c. 50% of all first marriages, and even more second marriages, will end in divorce. 3
Conclusion: Women have to handle and manage our finances one day, whether we like it or not.
Are you ready? If you are not, how do you begin?
Today, Jessica Porter, Team BPG, and I are helping many women manage their money and their financial future. Stayed tuned for a 7 part series about Women's Wealth curated specifically for you:
- Nearing Retirement
- Business Owner
- Newly Widowed
- Newly Divorced
- Caring for Aging Parents
- Leaving a Legacy
- Strategic Philanthropy
- First-time Home Buyer
.We hope you find this series encouraging and useful.