Traps women fall into – Thinking a man is a financial plan

Traps women fall into – Thinking a man is a financial plan
By Doris Roper

Many women, particularly those of baby boomer age and older, rely on a man to be their financial plan. This is mainly due to conditioning that started in childhood.

The typical couple used to consist of the husband who was the breadwinner and the wife who was the homemaker and mother. Women were not encouraged to involve themselves with finances and investments. Those were considered the man’s job. As a result, women did not develop the skills to competently manage money or understand investments.

The unfortunate result of this early programming is that many women feel “dumb” about money and believe that they are not smart enough to learn. They therefore avoid the subject and continue to depend on men to take care of the finances.

When women are caught up in the subconscious belief that men are the ones who take care of the money, they face a great deal of fear and anxiety when they are suddenly confronted with divorce or widowhood. Not only do they have to deal with the emotions that come with such a life-changing event, but they also have to learn to manage a very important part of life at the same time. This is extremely difficult and these women usually feel totally lost.

Escaping the trap

Women should educate themselves as much as they can about finances. It is actually not as complicated or difficult as many believe. Take some classes, hire a financial coach or join a membership site that offers financial education and support.

Research has shown that more than 80% of women will be the sole financial decision maker at some stage in their lives. This is due to the high rate of divorce and the fact that women tend to outlive men, which leaves a great number of widows having to manage the money.

Now more than ever with the current financial crisis, it is vital that women become smart about money. When someone else manages our finances, we tend to be out of touch with the reality of our financial situation and this can cause us to spend more than we should and gets us deeper into debt. Taking control of our own financial management and increasing our skill increases our confidence and ability to face life’s challenges.

Ladies, start to become smart about money today and remember a man is NOT a financial plan!

Doris Roper is president and founder of the W.I.T. Institute - a one-stop resource for women in transition. Doris helps women to figure out how and where to start when facing a transition and plan accordingly. She is a financial life planner, certified divorce planner, mediator and author of WAKE UP your life! A woman's guide to real personal power.

See her website at http://www.witinstitute.com and the Institute's membership site at http://www.smartwomanssuccess.com

Special Offer During January 2009 -

Each time a blog visitor comments on any or all of the blog stops, they will be entered in a random drawing for a 6 month Gold membership to The Smart Woman’s Success Connection http://www.smartwomanssuccess.com/index.php/public/56-gold. This membership has everything you need to know for money management including information about having a financial plan and starting a business and includes a copy of her book in audio and PDF. It also offers a resource for women who want to stop their divorce..

Share your thoughts and comments with author Doris Roper. She will check in throughout the day to answer questions. You’ll learn more and have a chance to win a Gold membership to The Smart Woman’s Success Connection. If you haven't already read her book pick up a copy during the tour at http://www.witinstitute.com/wake_up.html

For more information about Doris Roper and her virtual tour, check the schedule at http://virtualblogtour.blogspot.com/2008/12/wake-up-your-life-by-doris-roper.html

Money and success – Three steps to becoming smart about money and thriving

Money and success – Three steps to becoming smart about money and thriving
By Doris Roper

Becoming smart with money and thriving requires more than a basic financial plan. Knowing how much you need to put away for retirement or college is all very well but to achieve your goals and dreams you need a lot more than mere time-value-of-money calculations. There are many more aspects to being successful and I will discuss three of them here.

1. Awareness

The first step is to become aware of your money blueprint. Most of us are blissfully unaware of all the underlying issues and beliefs that govern the decisions and actions we take.

Have you noticed how some people earn large salaries but are still barely able to make it? Or have you heard about lottery winners who squander all their winnings within the first few years? Why do you think this happens?

They have unconscious beliefs about money that keep them poor or struggling no matter how much money they make or receive. These beliefs usually start in early childhood. The words and actions of our parents concerning money can have a profound influence on our own beliefs about money and wealth.

Did your parents say things like “money doesn’t grow on trees”, “we can’t afford it”, “he’s stinking rich”. These are all statements of scarcity and have a negative effect on our beliefs about money.

How did your parents manage their finances – poorly or frugally? Did dad handle the finances and give mom an allowance? Did they create a lot of debt?

Delve deeper and try to discover your own unconscious programming where money is concerned.

2. Your values, purpose and vision

The next step is to discover what is important about money to you. Money means different things to different people and the amount of money you desire should line up with your values, your purpose and ultimate vision for your life.

Some people think that if they had a million dollars in the bank they would be happy, but we all know that money doesn’t buy happiness as evidenced by all the unhappy rich people in the world.

Do some soul-searching. Figure out what it is you really want, what would give you fulfillment. Ask yourself, “If money were no object, if I could do anything I want, if I had only one year to live, what would I do?” Write down whatever pops into your head no matter how silly you think it is. Don’t limit yourself by worrying about ‘how’ you can achieve it. Just let your imagination go.

3. The nitty gritty

If you realized that you have some negative beliefs about money, you should start reprogramming your mind with positive thoughts.

Hopefully, you figured out what you would really like to do and have in your life. Now you can plan accordingly. Now you can work out the numbers.

Get organized, figure out your net worth, create a spending plan, get rid of debt, establish an emergency fund that will cover 6-8 months of expenses and make sure you save for your goals.

Many people think that carrying out step three is enough. However, unless you uncover and reprogram any negative beliefs you may have about money you are likely to sabotage your own chance of success.

Step two is very important because if you do not know where you are going and what you ultimately want to achieve, you may be swayed this way and that and never reach that place of fulfillment and satisfaction.

Begin taking the necessary actions today that will help you achieve your dreams and thrive!

Doris Roper is president and founder of the W.I.T. Institute and senior partner of CRB Wealth Management in San Diego, CA. She is a financial life planner, certified divorce planner, mediator and author of WAKE UP your life! A woman's guide to real personal power.

See her website at http://www.witinstitute.com and the Institute's membership site at http://www.smartwomanssuccess.com

During January 2009 -- post a comment for Doris and be entered in a drawing for great prizes.