Maybe you can relate. I spent my whole life in a financial fog. And I was too ashamed to tell anyone. Not even my family. But a disastrous divorce became an undeniable wake-up call.
I knew for a fact, I did NOT want my three daughters to grow up as ignorant or dependent as I did. But how could I educate them, when I was so uneducated myself?
I decided to talk frankly about my finances and share my process with them.
My daughters saw, first hand, the dire consequences of financial ignorance. They learned that marriage doesn’t guarantee financial security. And eventually, they witnessed the amazing rewards that comes with taking financial responsibility.
My daughters not only watched my efforts to educate myself, but sometimes I’d drag them to meetings with a financial planner, make them watch money shows on TV, or even engage them in discussions about money.
Their response was always the same: “boooooring.” Yet, as if by osmosis, they’ve learned the value of spending less, saving more, investing wisely.
I did the same for my mom. When my dad got sick, I helped her talk to him about what he had planned in case anything happened to him. Believe me, it was not an easy conversation. But by the time my father died, she understood her financial situation, had her own team in place, and everything was in order. All she had to do was grieve.
I am convinced the more we talk to our daughters, mothers, sisters, and girlfriends about money, and share our own efforts to learn, the more we’ll reinforce our efforts and inspire others to do the same.
This month, while we’re celebrating mothers,
Take a moment to reflect on the financial legacy that you want to leave…@BarbaraStanny
(Click to Tweet!)
Not just to your children, but all the women you care about.
- Are you doing everything you can to get smart (or smarter) about money?
- Are you sharing your progress with others?
- Are you soliciting their support?
- Are you asking them how they learned about money, what financial books they’d recommend, how they’re investing these days or what advice they’d give you?
May is a perfect month to start having these conversations about money. It’s one small way each of us can change the world for all women.
Barbara Stanny, the leading authority on women and money – is a bestselling author, popular wealth coach and sought after speaker. Barbara has devoted herself to inspiring women to earn the money they deserve, build the wealth they desire, and step fully into their power! Her books include: Prince Charming Isn’t Coming; Secrets of Six-Figure Women; Overcoming Underearning; & Sacred Success: A Course in Financial Miracles (to be published in October 2014.) Barbara has appeared on Good Morning America, The View, Extra, The O’Reilly Report, and many times on CNN,MSNBC, CNBC, Fox News, PBS, and NPR, as well as the New York Times, and USA Today. You can find more info on her website and follow her on Twitter.