Professional woman with man in the background

What Happens When You Decide to Earn More

You have decided to earn more money. Once you have made that committed decision, three things will happen:

  • There Will Be Coincidences
    • Decisions are like magnets, they draw opportunities to you. All you need to do is take advantage of the coincidences when they occur.
  • Other Areas of Your Life Will Change
    • You can’t make changes in one aspect of your life and expect everything else to remain the same. Sometimes the changes are positive while others are negative. Keep in mind that change is inevitable and will lead to bigger and better things.
  • You Will Resist
    • Anytime you set a goal or make a decision to do something different, you create a gap between where you are now, and where you want to go. This gap creates resistance. Be aware that you are resisting and use the tension to push you forward.

Barbara Stanny, Secrets of Successful High Earners

Do you find these events happening as you make changes in your finances? I’d love to hear some feedback! Post on Facebook.

female working on her finances

The Female Brain

All human brains have reflective and reflexive thinking. However, the way the female brain is structured makes women tend to be more focused on care-giving, passing on money and life values to the next generation, and using wealth to better the community as a whole. The three areas of the brain that will be discussed are the Amygdala and Limbic System, Hippocampus, and Corpus callosum:

Amygdala and Limbic System: The Amygdala is the center for emotion, fear, and aggression. It is located in the Limbic System and is the part of the brain responsible for the fight or flight response. The female brain’s limbic system is typically larger than the male’s. Scientists hypothesize that the larger limbic system contributes to women being more compelled to care for others.

Hippocampus: This part of the brain is the center of emotion and memory formation. This section of the brain is larger in women than men and accounts for a woman’s ability to remember specific details. The larger hippocampus also could contribute to some women wanting their Financial Advisors to remember personal details about their life.

Corpus Callosum: This part of the brain transmits signals and connects the left and the right side of the brain. Women have more connections between the left and right hemispheres, making them excellent at multitasking and verbal communication.

Kingsbury, How to Give Financial Advice to Women

Do you have any past experiences that reflect the new information you just learned about your brain?

Retired couple gardening

Why Women are Less Decisive

Women worry more about their financial health but lag in decision-making and self-confidence:

This difference in self-confidence has an enormous impact on the financial planning industry. A LPL Financial “Women Invest White Paper” survey shows that 67% women want an equal role in financial decision making and only approximately 20% want their husbands to make all the decisions. Yet, data shows less than two-thirds of women actually attain an equal role in financial decision-making (note: financial decision-making here refers to “big ticket item decisions,” not grocery shopping level daily or weekly decisions).

An ideal advisor will listen to both women and men – regardless of the gender of the financial decision-maker – and will avoid being patronizing toward both women and men if they lack financial understanding. Women prefer to work with female advisors, when possible. Although women comprise more than half the financial planning/investment clients in this country, fewer than one-quarter of Certified Financial Planners® (or other credentialed advisors) are female.

Kaplan, Women and Money: Why They Avoid Risk and Lack Confidence when Making

Don’t feel patronized or left out of your financial future. Whether you’re single, married, divorced, or widowed, let’s talk about how I encourage women to take on a greater role in the decision making process. Contact me today.

Tips to Talking About Money

Talking about money with your partner is tough. Eventually, we all have to do it. Don’t try to negotiate about money before airing your feelings; otherwise, negotiations will always break down. Here are some tips to get started with talking to your partner about money:

  1. Find an appropriate and stress free time when money is not a loaded issue (don’t use tax season for example).
  2. Articulate your concerns and fears about your partner’s money style. After you express your concerns, acknowledge what you admire about their methods.
  3. Talk to your partner about your goals for the future, short and long-term.
  4. Share your hopes and dreams.
  5. Contemplate making a shared budget or a spending plan together by merging your hopes and the goals.
  6. Set up a time to have the next talk. Aim for weekly conversations in the beginning, then monthly ones.

Source: Mellon, Men, Women, and Money