Hello SOTGC community,
When I meet with women who are interested in working with me, they often share their frustrations about money. Their “ex” isn’t paying child support. All their spare cash is feeding a mortgage for a house they can’t afford and could never afford in the first place. They cashed out their 401(k) a long time ago in order to start a business because they were laid off from their job. They can’t control their spending habit.
In all of these frustrating situations one emotion rises to the top‑shame. They are ashamed they married a deadbeat dad. They are ashamed they don’t have more equity in their home. They are ashamed they raided their retirement account. They are ashamed they can’t stop buying things they don’t really need.
But what they are really ashamed about is that they didn’t take saving and investing seriously at a young age, and now they find themselves in a situation where they don’t have enough money. This causes tremendous worry and anxiety. The media beats this shame into their heads with headlines like, Self-Employed Face a Retirement Crisis and Are You Saving Enough Money for Retirement?
If you are one of these women, it’s not too late to get started on a path of saving and investing. You can learn how to invest, even if you have as little as $10,000 in your savings or retirement account. It may be too late for you to become a millionaire during your lifetime, but you can certainly encourage your daughter or niece to start investing at a young age. In fact, in a chapter of my book titled, “She Did WHAT With Her Bat Mitzvah Money?,” I profile a woman who started investing in the stock market when she was 13, and now at 22 has amassed a nice little nest egg.
Watch for my next post where I will share tips on how to convert that feeling of shame into pride.