Financial Fitness For Women
A universal trend found more strongly in women is the tendency to overspend. If you look domestically in the US and look globally throughout Africa, Europe, Asia, Australia, etc youâ€™re seeing that nation wide and internationally we are becoming debtors more often than not.
[The Wellness Column]
Last year in the US there were well over 200 million personal bankruptcy filings, a record high and 30% up from previous statistics. Credit card debt and the tendency to over spend are the biggest financial mistakes.
The Money Coach, Lynette Khalfani author of “Zero Debt: The Ultimate Guide to Financial Success,” shares her story of having a personal debt of over $100,000.00. In an interview with Khalfani, we focused on money as it relates to women.
Angelique: What are the financial patterns and habits of women versus men? How do women differ from man?
Lynette: Women tend to actually abdicate, unfortunately, a lot of financial responsibility to others in their lives. It may have been that some grew up in a household where Daddy took care of household finances and everything concerning money. Sometimes women don’t feel that confident in managing their own finances so they hire financial advisors which can be a good thing, but sometimes they turn over too much control to that individual to their detriment. One of the key differences is that women often lack confidence so they tend to defer to others and let them run things to a certain extent which can be damaging at times.
Angelique: What is the difference between a financial advisor and a money coach?
Lynette: I like to call myself a Money Coach because I coach people with regards to their finances and I try to whip them into shape. I am not a financial advisor in the traditional sense of being a licensed professional that will tell you what specific stocks and bonds to buy. I don’t have an investment background. My background is as a financial journalist. I am a neutral, third party, financial educator. A lot of people appreciate the fact that I am not trying to sell them a product but that I give them good helpful advice that will be helpful to them and their families in getting their finances together.
Angelique: What is the distinguishing factor between women and men when it comes to finances?
Lynette: A universal trend found more strongly in women is the tendency to overspend. If you look domestically in the US and look globally throughout Africa, Europe, Asia, Australia, etc you’re seeing that nation wide and internationally we are becoming debtors more often than not. And if you look at the US bankruptcy filing rate it is an indicator that more people are overspending and living well beyond their means and as a result are going into debt. I am not one to wag a finger because I was caught up in the exact same frenzy. I share my personal story in my book, Zero Debt that I had a credit card debt well over a $100,000 dollars which I manage to pay off in three years.
I got smart about the way I was spending money and my financial habits. I put into practice many of the things I knew to be the right thing to do that I had learned over a dozen of years as a financial journalist. Once I did that I definitely transformed my finances. And I wanted to share that message of hope and inspiration to others that says listen if I can get out of a debt of over $100,000 dollars you can get out of debt too.
Angelique: What is the first step to getting back on track – financially?
Lynette: You have to take your temperature and see where things stand right now. A lot people do not want to frankly face the truth or the reality of their situation. One of the first things is any one who has a lot of bills take the time to list their debts in black and white. And for a lot that is a big eye opener. Once listed you know where you’re starting from and have a goal and can designate a time frame.
Angelique: Does money equal security?
Lynette: Money does not equal security. It can give you a chance to afford yourself financial security. There is no income that can not be out spent. People with high income may find themselves in financial dire straits. You can’t just amass money. You also have to know how to manage that money, how to persevere that money, how to control your own spending, how to learn a certain degree of delayed gratification and not feel like you need everything right here and now. Acquiring money is not an indicator that you’ll have financial security.
Tips by The Money Coach: Know where you stand credit wise; know your credit standing; know your FICO score which determines so much of what happens to you financially. It impacts your life insurance rate, auto insurance, a prospective employer can use your credit score to determine hiring you or for that promotion on your job, etc. Opt out of getting credit card offers and additional offers. Refinance, boost your credit scores, build a cash cushion. Join or create a financial support group. Remember—minimum payments now means maximum payment in the long run; and most of all invest in yourself.
For more of this interview visit angeliqueshofar.podbean.com.
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