Facilitating the structural change from anxiety and fear to thriving in personal money management
Six years ago, after passing the CFP exam, I felt I had what it takes to start hosting financial planning workshops for professional ladies. The Wall Street Journal had published an article claiming that women retire with two thirds of what their male counter-parts retire with, from a similar position and same years of work. So what happens to our IRAs and 401(k)s? Are we too timid to ride the waves of economic cycles, or do the male advisors invest our money differently from their male clients' portfolios?
- I thought I can change this inequality by teaching women better money management...It did not work out as over and over I saw what happened when I presented great charts with action steps and strategies: their eyes glazed over! - Later on I found out that I am not the only one who has failed: there is a statistic that claims that over 80% of all financial plans never get implemented!
There must be another, better way to help women realize their potential in the areas of money and financial freedom.
So I came across a concept called Feminine Power and straight-away saw how it could be adopted to financial planning. Basically women thrive in groups. Connecting authentically, collaborating and contributing is where we want to be. We love to help and support others, we need to feel supported and we love affirmations from each other.
However, it is not only the connection we need. We also have some house cleaning to do, especially we need to work on the inner glass ceiling that our negative self talk and the money scripts learned from child hood have created. - Only after clearing the limiting beliefs can we really benefit from doing the nuts and bolts of financial planning and become energized by the new possibilities in our lives.
Do we women collectively have beliefs that damage our chances of investing successfully?
- do we believe that in general men have more money than women?
- do we think men know better how to make money than women?
- do some of us still believe that Prince Charming will/should show up and rescue damsel from their money trouble?
How about personally, do we have programs running in our heads that tell us that money doesn't buy happiness, money is not important, rich people are bad, there is never enough? - These kind of personal beliefs can cause us to sabotage our finances, our well-earning jobs, or can even cause compulsive shopping habits or credit card debt!
After all, money is not good or bad. It is a neutral flow of energy that we either welcome or block.
We need to clear our collective and personal hinderances for successful money management. There are several ways to do it; for some becoming aware is enough to set us on the right path, financial therapy is another way. EFT has been effective in some cases.
After clearing the issues, it's time to re-program! We could look at what are the personality traits of the top earners and see if we can somehow adopt a trait or two. For example, top earners are known to have internal locus of control, which means that they do not believe in victim mentality! Another trait they have is a desire for a solid financial knowledge. This part is easy if swallowed in small bites:
Anyone can start their path to financial wisdom with simply learning first how much they make, how much their expenses are and what income tax bracket they are in. - There are good easy publications like Money Magazine that teach basics and have a wealth of financial information available. Building a diversified, balanced investment portfolio is on the other side of the spectrum of financial wisdom, yet it is attainable through ladies' investment groups and discussions.
- Just a final word of warning: please don't buy into the fear factor most financial talking heads advocate! Despite all that you read and see in media, there is still a Universe that wants your good, and by connecting with your inner points of knowing you will expand in any area you are interested in exploring.
Getting your financial house in order is so much better than just surviving! When you have more than you need you can help many less fortunate and do your part in easing the suffering. There is nothing glamorous about being broke or hoarding now not to starve in 40 years....we are here to live in the present moment and to be kind to ourselves and to contribute to the well-being of others and the Planet Earth.