June 19, 2021
3 foundational pieces every woman should know about money
Friday morning I had the honor of speaking to a group of women at a local event in Houston about their finances. The topic I prepared revolved around 3 foundational pieces of information we should all know.
On any given day, we hit the ground running with our hair on fire and a to-do list enough for 10 women. We will take on anyone or anything that threatens those close to us, except ourselves most of the time. Then one day we find ourselves in the middle of a life-changing event and decisions more often than not are emotional and chaotic….especially around money. It at that moment when knowledge and a plan are the most helpful for you.
Question #1 – How much do I or we earn?
Single or married, we should know how much money comes into the household each month. Whether from salaries, side hustles, social security, bonuses, or investments.
Perhaps you don’t like paying the bills and your partner handles all that. That’s ok. But be an active participant. Kow what’s going on. Schedule a time each month to sit down together, look at where you are now, where you want to be in the future, and the upcoming income and expenses. Are there birthdays, holidays, or things like back-to-school and auto registrations? My recent publication, “Monthly Budget Busters” helps with this and is now available download, click here.
If you’re single, have a quarterly accountability partner you trust such as a parent, sibling, or financial coach. You want someone who will be honest and help you stay on track with your goals.
Question #2 – How much do I or we owe?
This can be an eye-opening experience when you begin adding up how much is actually spent each month, especially FOOD! When you know you’re bringing in “x” amount of income and “x” amount is needed for expenses your spending and saving habits will gradually begin to change. Your monthly money dates with your spouse or partner is a surefire way for you to see how much money is flowing through your household each month.
Question #3 – How much do I or we own?
First thoughts are the typical items such as a home, automobile, motorcycle, contents inside your home, and those personal items we all have. But remember, you have bank accounts, IRA’s, investments, collectibles, antique collections, rental properties, and all of these items account for your net worth on paper. If you’re a business owner or solopreneur you want to include everything there as well such as equipment, supplies, deposits, and financials.
The three things you should know is – How much do I earn? How much do I owe? How much do I own?
My prayer is, this is helpful or reminds you, oh yes I should know how much I or we owe! Don’t go through life being silent or afraid to ask questions about your money. Ask and if something still doesn’t make sense, that’s ok, ask again for it to be explained differently.
When we own our stories, we get to write a brand-new ending! quote by Brene Brown
Are you ready to begin and write the ending YOU desire? I’m available to discuss these questions with you and more. Time on my calendar is available so click here now.
Your money coach,
