Empowerment is the action of raising the status of others through education, raising awareness, literacy, and training. It is accepting and allowing others who are on the outside of the decision-making process into it.
Financial empowerment covers broader financial life. Do you often ask the below questions?
· How much money can I spend?
· What is my debt?
· How much money do I need to retire?
· If I live to be 100 years old, do I need long term care?
· What about my taxes, my charities, etc.?
Financial empowerment is much bigger than just the markets. It is about seeing the bigger picture and having a peace of mind. We need to see money as an important currency if one wants to be empowered. In addition, economic empowerment is very important as we need to understand that the know-how, time and money are all important currencies for empowerment.
Many studies have shown that women are less confident in their financial knowledge than men. They also show that financial literacy increases with education in women more so than men. However, women become slightly less confident with rising general educational level.
Start becoming financially empowered. Start saving and investing now- Do not wait. Speak to a financial coach if you have fear of investing or need to educate yourself. You are only powerless if you believe you are powerless. Building confidence and competence is powerful.
Be aware of your emotional connection with money- what is important to you? What legacy do you want to leave behind? Are you afraid you will run out of money? What are you concerned about?
Understand your asset, liability and cashflow- look at what you own, what you owe, how much you are spending, how much do you need to retire, what do you want to pass down to your kids/generation. Think about your spending, longevity and legacy and act now.
PaceUP Invest provides financial, investment and wealth coaching. Contact us today for an initial assessment to determine if is a good fit for us to work together.