If you're a woman in business, you might benefit from checking out your local eWomen Network chapter meeting for networking and communication opportunities. I went to such an event in Dallas and am happy to share some of the key information the featured speaker presented. The topic was closely related to my goal this year: increasing my financial awareness, and the speaker was Ashley Parks.
Here's what we learned: among Millionaire women, the following mind-sets and behaviors can be observed.
Millionaire Women keep going, they don't easily give up.
Millionaire Women pick themselves up after set-backs.
Millionaire Women are aware and take care of long-term care-taking issues.
No trading up
Millionaire Women don't adjust their spending habits according to their increased income. For example, houses may be renovated, but not necessarily dumped for a bigger, better model. Same with cars.
Millionaire Women are smart and realistic about planning, setting goals, and taking the necessary action steps.
Millionaire Women respect their resources and don't waste them.
Status is not a priority
Only a relatively small percentage of Millionaire Women is actually member of a country club.
Detailed tracking system
Millionaire Women are aware of their expenses, and periodically do a spring-cleaning to check for lower rates, e.g. of cell phone, cable, and utilities service providers.
Millionaire Women research the investments they choose and use investment counselors. They know that at the end of the day, it's their signature on the papers that the IRS holds responsible.
What does this mean for us normal mortals?
Be pro-active in your financial planning and make sure the options you choose are a good fit for you. If you've been in the market for a while and there's been a change in your situation, e.g. divorce, new job, new house - check if your portfolio still fits you or needs an upgrade.
In relationships, talk openly about money and your spending habits, and especially long-term retirement and elderly care planning.
The call to action now is for you to commit to begin getting real about your financial status within the next 72 hours. Pull up your accounts, open your statements, even those dreaded credit card bills: you can only tackle what you know. To help you get started, check out the Allianz Women Money and Power Survey and do their worksheet.
What can you commit to getting more aware of your finances? Please share in the comments!
Ashley Parks has been helping families make smart choices for over 10 years. Her education as a Certified Financial Planner™ professional, and her role as a financial adviser and an insurance adviser has given her the ability to help clients with varying goals and resources. On a personal note, I found Ashley to be open, friendly, informative, approachable, and passionate about sharing her wealth of knowledge on the subject of financial awareness.
Image by Nosocksleft, flickr, Creative Commons License