Follow Oprah and take hold of your financial future

What do you have in common with Madonna, Martha Stewart and Oprah?  While you may not be famous like these women, studies show that both you and Oprah are managing your own financial well-being. This is encouraging news as the 10thTD Investment Poll  found that only 5% of our mothers told us to be financially independent.  If they did, they, like my mother, told me to save, do not spend beyond my means and above all, avoid debt.  While those were wise words, the growing trend of women managing their own financial decisions is on the rise. The US study completed by Prudential, shows 95% of women are financial decision makers.  Canadians are not far behind at 92%, when it comes to managing household budgets, according to TD Waterhouse female investor poll

What does this mean for women in general? We are caught up in the “day to day” chores of running the household.  Managing the household budget is important, but what about those golden years, where you are ready to challenge your dreams; travel, volunteer, become an artist, write a book, etc.? What about spending time with your beloved grandchildren, who may or may not have been born yet?  With the last economic downturn (not to mention life changes), it is imperative to understand that financial actions of today impact your future financial needs. Yes, I know it is difficult to think “long term” but remember how quickly the years go by.  It is never too late to start planning.

While your mother may not have advised you to become financially independent, why not become part of the 69% of women who are securing their future.  Better yet, become part of the group of women who are content with their investments because they had a financial plan in place. 

This reminds me of a Vancity member I saw a few years ago.  This young mother of two, gave me all the reasons she could not manage another household chore such as financial planning.  A few months after the death of her beloved husband, she came to see me and said, “Thank you for not hearing my excuses and persevering with me.”  She took the time to plan out her short- term and her long- term future financial needs. 

Madonna, Martha Stewart and Oprah’s success was not just dependant on their fame but their ability to ensure they managed their finances.   Where would they be today without a plan?

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