There are many issues around money that bring great angst to women. For me, I never really had this problem. I was raised by strong women and a strong father that supported and empowered me. I felt like the world was always with me. That is until one day when I went to buy a car. I was newly married and we had just moved a small town in North Georgia. It was a bright, sunny Saturday afternoon. I drove up to the dealership with the top off my jeep to inquire about purchasing a new vehicle. No I wasn’t going to trade in my jeep. No I did not need a loan (I had the money saved up to pay cash). Yet, as I answered these questions for the salesperson they looked down on me. They did not seem to like my answers. They never did show me a car. I had to bring my husband back before I was able to test drive a car. Hmmmm……
This happened once more when I went to purchase a car. In a different town at a different dealership. It was years later. Husband in tow (I now hated buying cars) and the dealership would only talk to us about leasing. I asked numerous times about how much the car cost, but he would only tell me what a lease payment was. I did not want to lease the car. He talked over me and showed great disrespect. This time I bought my new car from a different dealership.
It is out of these two experiences that I have always felt compelled to go the extra mile and educate those around me (both men and women) about all matters financial. Knowledge grows your confidence and confidence helps you make smarter decisions with your money.
Here are 5 Investments & Money Matters that you should know more about:
· Student Loans
· Buying a Home
· BONUS – owning your own business
According to Black Knight, the average person with student loan debt has an outstanding balance of $35,000. That’s a lot of money to finance an education. Student loans often have multiple repayment options that can impact your budget. Knowing these options can empower you to make good financial choices. Jodi Okun of College Financial Advisors (reach her on Twitter @JodiOkun) does a great job of explaining these choices in this post.
There are many kinds of insurance. You need insurance for your things. Whether you rent or own you need a policy for your dwelling. Paul Sian, a Realtor® and lawyer, (reach him on Twitter @PaulPSian) gives some excellent tips on insuring your dwelling in his post
Then you need to obtain insurance on your car. Getting insurance on your car and your dwelling from the same provider can give you a discount. Be sure to ask about it.
Then you need to insure your most valuable asset, YOU! This means life insurance and income insurance.
Keith Friedman (you can find him online at www.fbostrategies.com
or on the phone at 203.564.9984) tells us, “For many people and especially women the ability to protect their income is one of the most important financial decisions. Disability insurance is a crucial tool in helping clients accomplish this goal. Disability insurance typically provides an insured 60% of their gross salary tax free for a period of time. Good policies will pay until retirement age of 65 or 67 depending upon the carrier.”
Buying a Home
It’s still the American Dream. From Millennials to Baby Boomers, a large majority of every generation says they want to buy a home. It is, however, the largest financial decision that most people will ever make. Don’t take it lightly and don’t just do what your uncle’s bother’s cat did. Take the time to get to know a mortgage professional and do it right. Check out this post on some of the basics of home buying
before you take the leap.
You don’t want to work forever do you? I don’t. Ungenita Prevost (find her on Twitter @UngenitaPrevost) tells us that 98% of the population will be dead broke by the age of 65. Don’t let this be you! Raise your financial IQ by clicking here
You need to be diversified. That isn’t a reference to having more shoes in more colors. It means having stocks, bonds, mutual funds, REITS, and cash. You need it all. Sara Glakas (find her at www.investinganswers.com
) explains it pretty will in this short YouTube video
BONUS Opening Your Own Business
Many women have a desire to do this. Fear holds them back. I was empowered by my dad to open my first business at age 20. I couldn’t buy a round of drinks, but I could sign everyone’s paycheck. Since that business, I have worked in many a corporate environment where I, sadly, discovered that the glass ceiling was real. I read Sheryl Sandberg’s book LeanIn and that’s why I’m sharing this as a bonus tip. You shouldn’t let fear hold you back. If you want to open a business you should! But, you should have a plan. Take a quick peek at this post
by Brian Moran (find him on twitter @BrianMoran) about growing a business to get an idea of what questions you should be asking before you take the plunge.
In summary, there is a lot to learn, but there is guidance along the way. You need to fear investing or making money decisions. If you get to a bump in the road, just reach out for help. Call a friend, ask the audience, or whatever else fancies you. You are not alone on this journey.
Join us next time as we explore more in the world of mortgage lending. If you have a burning question or just want to chat — I love to be social……you can reach me on Twitter (@ChrisEllaLoans), Snapchat (ChrisElla2), CyberDust (ChrisElla), email ChristyS@StarkeyMtg.com
, at the office at 912.721.9400, and my website at www.LoansWithChristy.com
. Find out more about me and more ways we can network (Facebook, Instagram, Twitter) at www.about.me\chrisella
As always, if you liked this article please like, share, or comment…….or all of these things; they are greatly appreciated.
Christy Soukhamneut, Area Manager
NMLSR#810728, GA LIC#32916, FL LIC#LO13828, SC LIC#MLO-810728, NC LIC# I-I 12550
Georgia Residential Mortgage Licensee
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EQUAL HOUSING LENDER
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