June 07, 2018
A recent survey of more than 250 widows with a net worth of at least $1 million highlights how so many women set themselves up for later-life anxiety and frustration. More than half of the widows reported that they were unprepared to handle their finances once their spouse died. And only 4 in 10 widows reported that they had stepped up and educated themselves.
This is both sad and totally unacceptable. I want every woman reading this to listen to me. I don’t care if your net worth is $100 or $1 million. Nor do I care if your spouse is the absolutely best/smartest financial whiz. Every woman, single or attached owes it to herself to be financially smart.
The odds are that you will live longer than your spouse; the average lifespan for women is a few years more than men, and many wives are younger than their husbands. And it’s not just widows who should be stepping up. Divorce happens too.
And here’s what you need to understand: The absolute worst time to start learning about money is when you are going through an emotional upheaval. At a time when you need to be focusing your energy on stepping into your new life with strength, the last thing you need to do is learn the new language of money.
But that’s exactly what more than half of those surveyed women said they ended up experiencing. And these were wealthy women!
The biggest favor you can do for yourself is to become fluent in money right now. That way, no matter what the future brings you will be prepared. How can that not appeal?
And don’t you dare tell me it’s too hard. There is nothing hard about it. You have everything it takes to understand your finances and make powerful choices. No more excuses. No more relying on someone else to make all the decisions for you. Make your tomorrows less stressful by committing to becoming powerful with your money today.