Financial Crossfit for Women – How to Become Financially Strong
Presented by Emily C Sanders
What better topic than money to discuss during the March ProWIN luncheon. As the nation commemorated Women’s History Month, our audience turned its attention to helping women stay financially strong now and into the future.
Emily Sanders, a managing director of the United Capital Atlanta offices, shared her top ten tips for women to take control of their finances today and set themselves up for a prosperous tomorrow.
Sanders noted that, although women do not talk about money as much as they should, several studies show that women are better investors than men. This is due to women’s patience and long-term perspective on investing. In addition, Sanders noted that women tend to live longer than men, and therefore should plan well for their own financial future.
Here are 10 things you can do to take control of your money today:
1. Know Your Money Style:
- Make a commitment: Don’t put the needs of others before your own when it comes to money.
- Have no fear: Protect what you have by educating yourself and making smart spending, saving, and investment choices.
- Money = security, not happiness: More doesn’t necessarily make you happier, but more secure.
2. Know Your Net Worth:
- Net worth is the total of your assets minus your liabilities.
3. Inflation Hurts:
Inflation is expected to rise 3.5% per year. If your annual salary increases are less than 3.5%, you are losing money.
4. Know Your Benefits:
- Educate yourself on your benefits package. This includes self-employed women.
- Be aware of deductions during tax season.
5. Improve Your Credit:
CreditKarma.com is good place to start. A higher credit score equals better interest rates on loans.
6. Know Your Budget:
- Be honest with yourself and your partner/spouse about income, spending, and saving. Talk about finances before marriage. Establish priorities and be prepared for the trade-oﬀs (needs vs. wants). Avoid financial infidelity (keeping money secrets) at all costs.
- Mint.com is a good app to use to track purchases. Understand your finances after a divorce.
7. Plan for the Unexpected and the Expected:
- Have the right insurance (home, life, health, etc.).
- Have a will drawn up.
- Know your key control factors: savings vs. spending, portfolio risk, employment earnings and duration, longevity (your health & wellness).
8. Teach Others About Financial Literacy:
Set up Roth IRAs (up to $5,500/yr) for young people starting out.
9. Advocate for Yourself and Others:
Be a role model to your children and young adults.
10. Conquer the Fear – Start Now:
It’s never too late (or too early) to improve your financial knowledge. Start now, wherever you are, to set up financial safeguards for yourself. Accomplish your life’s purpose and work with someone who can help you.
Sanders’ advice was well received by the ProWIN audience. She heightened our awareness that with a little additional focus, planning, and attention to our finances, ProWin and, in fact, all women, can be prepared for an optimal and strong financial future.
Be sure to join us for our next luncheon in May. Hala Moddelmog will share how Atlanta’s business community is laser-focused on innovation and collaboration to position our region as a top-tier global competitor. Non-members are welcome – it is a wonderful way to learn about all the benefits of ProWIN.