Get financially educated

11/21/2016


Whenever I talk about personal finance with women, they always tell a personal story of how they or another woman experienced financial disaster because she did not have her own financial resources, or did not have important financial information during a divorce, or how they saw their own mothers grow old and poor because the mother was too frightened or confused to ask about her finances.

We can't be telling our children the same stories that our mothers and grandmothers told us. We must change this. And the only we can do is by making financial literacy a priority, because being smart about money helps us create better lives -- and better communities.

And the only we can change this picture is by first understanding that our lack of money know-how has resulted in part because historically we may have relied on others to provide financial advice or may have not been encouraged to think about and assess our financial lives.

Being in the dark about your finances leads to unbalanced spending habits. And this will ultimately lead you to debt, late payments, and eventually collection calls.

I still remember a distant relative who was kicked out of their home because her husband gambled away their home. She thought that her husband was managing their finances and paying all their bills, when he had a gambling problem that led to them being homeless. If she had taken an interest in their finances, she would have picked up the signs and maybe saved their family home.  Knowing what’s happening in your financial life makes helps you to feel empowered to make a difference in your family’s quality of life every single day.

What you are today is the result of all the financial decisions you have taken in the past. Any decision you make today can make you or break you. The good news is that you can prevent committing these mistakes. So make it a point to gain financial education.

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