Budgeting for Women Over 50: Path to Financial Freedom

Are you feeling as if your money vanishes into thin air, or perhaps, are you so afraid to spend money that you don't fully enjoy life? You're not alone in these feelings.

But there is a solution: a personalized budget plan.

A budget plan is your financial roadmap. It directs you toward your goals and prevents you from veering off into financial trouble. Despite what many people believe, a budget isn't about restrictions; it's about understanding your income and expenses and making conscious decisions about where your money goes.

One of our clients, Emily, embodies the fear many women over 50 have about spending money. After a recent divorce, she was solely responsible for managing her finances, leading to uncertainty and fear. Our solution? A personalized budget plan. Let's look at how mastering her cash flow changed Emily's life.

Understanding Your Income and Expenses

The first step in creating a personalized budget is gaining clarity on your income and expenses. For Emily, we...

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The Crucial Role of Support in Achieving Financial Independence

Navigating the journey to financial independence is never really a solitary endeavor. The complexities of wealth growth strategies and emotional hurdles that often come with becoming financially independent necessitate a supportive system. This support can come in various forms, including financial advisors, mentors, peer groups, and educational resources. In this post, we explore support's multifaceted and crucial role in pursuing financial independence.

Guidance and Financial Independence

In the world of financial independence, guidance is key. The financial landscape can feel like a maze of rules, strategies, and options. A financial advisor or mentor can provide invaluable advice for those striving for financial independence. This guidance can help you avoid costly mistakes and make more informed decisions about your financial future.

Accountability on the Path to Financial Independence

Discipline and consistency are integral to achieving financial independence....

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Mastering Risk Management: A Key to Long-Term Financial Success

Last week, we surveyed the attendees of our mastermind program to determine the areas of money management where they feel strongest and weakness. Risk management was an area of weakness for many of our attendees. When managing money, risk management is a crucial factor that shouldn't be overlooked.

Risk management refers to identifying, assessing, and mitigating potential risks that could negatively impact your financial situation. Effective risk management can help you protect your wealth and increase your chances of achieving your financial goals. In this blog post, we will explore the importance of risk management in money management.


Identifying Potential Risks

The first step in risk management is identifying potential risks. This involves analyzing various factors that could negatively impact your financial situation. Some common risks include market volatility, inflation, geopolitical events, and changes in tax laws. By identifying potential risks, you can take proactive...

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Busting 3 Myths about Women & Money

Have you ever been told that you're not good with money? That women aren't as financially savvy as men? That we're more prone to overspending and living beyond our means? Unfortunately, these kinds of stories are all too common. But the truth is, they're just myths.

I’m going to bust some of the most pervasive myths about women and money, and share some truths that will help you take control of your finances.

Myth #1: Women are naturally bad with money. 

There's no biological or genetic reason why women would be less skilled at managing finances than men. Studies have shown that women tend to be more diligent about budgeting and saving than men, and are less likely to take on risky investments.

A report published in 2018 by the Warwick Business School in the UK analyzed data from 2,800 investors over a three-year period and found that women generated higher returns on their investments than men. The report attributed this trend to the fact that women tend to be more patient...

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How to Become a Better Investor

Are you interested in how to become a better investor? It's an admirable goal, but it can seem overwhelming at first. After all, how do you maximize your gains while minimizing your losses? The good news is that here are five tips to help you on your path to becoming a better investor.

  1. Have a clear investment strategy
  2. Take the long view
  3. Diversify your holdings
  4. Make adjustments when needed
  5. Be consistent

 

5 Tips to Become a Better Investor


Become a Better Investor by Having a Clear Investment Strategy

The first tip is to have a clear investment strategy. Before creating an investment strategy, it’s important to get really clear on what your goals are for the money that you're investing. Even before I start talking to my clients about individual investments, I ask some important questions. What are your financial goals and in what timeframe do you want to achieve these goals? What’s your risk tolerance? What are your liquidity needs? Liquidity refers to how quickly...

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Bringing Awareness to Equal Pay Day

What is Equal Pay Day?

National Equal Pay Day raises awareness of the pay discrepancies between men and women for the same work each year. Equal Pay Day was created by the National Committee on Pay Equity (NCPE) in 1996. This year, Equal Pay Day will be recognized on Tuesday, March 14.

Equal Pay Day also symbolizes how far into the year women must work to earn what men earned in the previous year.

In 2022, studies showed that women in the U.S. earned, on average, 82 cents for every dollar earned by men, so a woman must work 15 months to make what a man earns in 12 months. This number varies based on occupation and industry - women in the legal field earn 63 cents, and women in finance and insurance earn 77 cents for every dollar earned by men.

According to an article in Forbes, women lose hundreds of thousands of dollars over a lifetime compared to their white male counterparts. For example, one study showed that white women lost $555,360, and black women lost $964,400...

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Bounce Back: A Guide to Overcoming Financial Setbacks

Recently, a client couple shared a sudden crisis they faced - a car accident had left one of them without a vehicle. Even though this young couple was relatively new to managing their finances, they didn't allow this setback to steer them off track. Instead, they looked for solutions, a shift in their approach compared to a year ago, demonstrating the importance of overcoming financial setbacks while maintaining a wealth mindset.

Key Strategies for Overcoming Financial Setbacks

Deciding to cultivate a wealth mindset is the initial leap toward building a rich legacy. Acting on this decision is the follow-through. However, the most crucial strategy lies in overcoming financial setbacks without letting them erase your progress.

When life is smooth sailing, it's easier to make changes, cultivate good habits, plan budgets, and involve family in financial decisions. You're proud of building your emergency savings and spending responsibly. But what happens when you're suddenly faced with a...

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15 Best Budget Apps & Money Management Tools

Looking for the best budget app or money management tool? There are so many facets of budgeting, and you'll likely have to make some sacrifices, but using one of these tools can make those sacrifices easier and can take the most challenging work out of budget. These are the best budgeting apps and tools to download now if you want to get your spending under control. 

What is a budgeting app?

A budgeting app is a digital tool that helps you track and manage your income, expenses, and savings. It allows you to create and stick to a budget by categorizing your expenses, setting limits, and providing insights into your spending habits. With the rise of technology, budgeting apps have become increasingly popular as they make it easier than ever to stay on top of your finances.

Why use a budgeting app? 

There are many benefits to using a budgeting app. For starters, it can save you time and effort by automatically tracking your transactions and organizing them into...

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6 Budgeting Myths to Stop Believing (and the Truths Instead!)

Having a budget is essential to successful financial planning, and over the years I have heard so many myths about budgets and why people say they don’t work or why they don’t need a budget. These budgeting myths can prevent you from achieving financial security so in this blog post, let’s play MythBusters and walk through some of the misinformation I hear about budgets and what the truths are instead. 

Budget Myth #1: Creating and managing a budget takes too much time.

The Reality: Taking control of your money is worth the investment.

Creating a budget for the first time can seem overwhelming and time consuming, but it doesn’t have to be. There are so many tools, templates and apps available to help you through the process. And once your budgeting framework is in place, you can easily and quickly adjust your budget. 

If you use an app or other online money management tool for your budget, the tool walks you through the set-up process. You often...

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How to Stop Living Paycheck to Paycheck - Part 2

In our previous blog post Stop Living Paycheck-to-Paycheck, we discussed some common reasons people live paycheck-to-paycheck. In this blog post, we'll share some ways that can help you get out of this cycle and put your money to work for you. 

Setting a Budget

The first step is to set a budget. When you set your budget, it's important to consider your needs, wants, and future, which involves savings according to your goals and plans. Creating a budget can initially seem overwhelming, but keep reading for helpful tips. 

Determine Your Income

Your income is not what your boss pays you or what you earn if you work for yourself; it's what you have left over after all mandatory paycheck deductions like taxes and insurance have been paid. After all, you cannot budget what you do not have. So getting this figure right will help.

Add Up Your Expenses

This may take longer if you're in debt or have many expenses you didn't realize you had. The best way to do this is to open...

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