Whether you’re just starting your career, getting married, buying a home, raising kids, starting a business, approaching retirement, or simply taking control of your finances for the first time, now is the time to get the financial education you need to become a Financially Wise woman.Today we will review the 2nd step to becoming a Financially Wise Woman.Step 2- Know where you currently stand financially. Take inventory of what is going on in your current financial life. Know your numbers. What you have, what you owe, your net worth, your credit score, your cash flow, your insurance coverage, your cash accounts, your retirement accounts, etc.I cannot tell you how many people I meet who still have no idea what is going on in their current financial situation. Unfortunately, putting your head in the sand when it comes to your finances is not going to help you on your journey toward becoming a financially wise woman.Often times, we don’t take time to know what we have, because we are ashamed at how bad it may be. However, no matter how bad it is, you can always make it better. But, it is essential to see in black and white where you currently stand in your financial life.Also, women, for those of you who still say, “Well my husband takes care of everything, so I don’t need to know.” It’s time to stop making excuses and start getting involved with your finances.Janet Bodnar of Money Smart Women says that 90% of women will have to make financial decisions at some point in their lives. Women are choosing to stay single, we live longer and the divorce rate is high.
So if you know there is a high probability that at some point in your life you will have to make your own financial decisions, why not start becoming educated now so you can feel more comfortable when that time comes?
I have included a financial inventory checklist on my blog under this video to help you start taking inventory of your financial situation. I recommend you take some time to fill this out as it will help you become one step closer to becoming a financially wise woman.
Thanks for watching, this is Brittney Castro, tune in next week for Step 3 of Becoming a Financially Wise Woman. Remember to Like us on Facebook!