3 Money Myths - BUSTED!!!

3 Money Myths - BUSTED!!!

The money myths women are carrying around are deeply embedded from childhood and nurtured by events experienced in adulthood. But it's time to bust those myths and replace them with more empowering beliefs that will serve us better.

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Money Myth #1

"Finances are BORING."

OR "I'm not really interested in all that finance stuff." I can't tell you how many times I've had women make one or both of those statements. I get it. I don't exactly love paying my bills, tracking my spending or getting financial documents organized either. But I appreciate the powerful impact money has on my life now and in the future. And just as important, the impact it has on my family, my overall wellness and my community.

The financial industry has been very male-dominated and masculine in nature. Not really making it very inviting to women. I've often wondered if that was intentional??? I'm sure not... There are more people all the time (like me) shaking up this industry and talking about the concepts in ways that connect with women. Women are increasing their net worth in significant numbers, causing Financial Advisors/Planners to take notice.

I would encourage you to find someone who speaks the speak in a way that makes sense to you and addresses the concerns and questions you have. It doesn't have to be boring and uninteresting!

Money Myth #2

"I'm not good at math."

This is another one I hear a lot. To be honest, I never considered myself to be good at math either. In fact, the worst grade I ever got was in my Finance class in college. The instructor was a banker who read the text to us in class. I wanted to scratch my eyes out. It was so BORING!!! I remember thinking to myself I would definitely be avoiding any finance jobs. Then I received a job offer from an airline for a position in Corporate Treasury. My goal was to work for an airline, so I was willing to overlook the finance part. And guess what, I discovered it was far more interesting than the awful class.

A very creative woman in one of my cohorts, who told me up-front that she hated math, shared a fun realization. About 3/4 of the way through the program, she exclaimed, "This isn't math, it's data collection. And I LIKE data collection!"  

Sometimes it's just a matter of trying a different approach or looking for a different perspective.

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Money Myth #3

"I'm too old to learn this now."

It's NEVER too late (or too early) to start understanding your financial situation. As women, we often have longer life spans than men. So we're going to need to support ourselves typically beyond our husbands. I often hear people say, "I'm 60 (or 70 or 80), so I don't have a very long time horizon." Well if the expectation is you could live to 90 or 100, what is your version of a long time horizon? At 80 you potentially have another 20 years.

A very gregarious woman (65+) said to me, "I was trying to put my head in the sand, but you wouldn't let me. I didn't want to take responsibility for my financial situation. But by learning more and understanding money better, my financial stress has been dramatically reduced. And I've stepped up."

Conclusion

It's easy to tell ourselves what we want to hear or to perpetuate the story we want to believe. But does that really serve us very well? Or does it just hold us back from achieving what's really possible?

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Take the “Financial Happiness” quiz

You can find it on the Ellegant Wealth website or by using this link. You will discover if you're Fiscally Challenged, a Financial Superstar or somewhere in-between! Upon completion you will receive a handout that will share some insights and resources to help you jump-start your journey to financial Courage, Confidence & Wisdom!

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Join the Ellegant Wealth Facebook Group

Here you will have the opportunity to share your stories, ask your questions and break the "money is taboo" barrier. You will learn about the Six Pillars to Financial Empowerment (TM), the proprietary process I use to transform how women feel about money. Go to Facebook and type Ellegant Wealth Group into the search bar or use this link to join.

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Start learning about money NOW!