Wealthy Woman-Wise Choices
What separates the wealthy woman from the “struggling to make ends meet” woman? It is the choices that the wealthy woman makes regarding her finances. Here are a few wealthy woman choices for you to consider as you handle your money issues.
- Balance your checkbook regularly. An assessment of where you spend your money will show you where your priorities are and alert you to waste in your spending.
- Befriend an employee at your local bank or credit union. Establish a solid relationship with a bank employee, for example, a Loan Officer or the Bank Manager. Having a professional “friend” to assist and advice you regarding your financial needs is an excellent asset to have.
- Pay your credit card bill in full each month, if you can, to avoid paying finance charges and interest. If you can not pay the balance in full, pay more than the minimum balance due.
- Prepare or update your will. Having a will on hand will assure that the future of your assets and life treasures are not decided in a courtroom by a judge.
- Review your insurance needs - life and disability - for yourself and your family. Determine how much life insurance your family will need in the event of your death. Consider disability insurance in the event an injury or accident causes you to be disabled for a period of time.
- Start Investing NOW! It does not take much to start investing. Start investing with only $50 a month by investing directly in companies, open a discount broker account or join an investment club (www.betterinvesting.org). Always complete a thorough research on the stock or company BEFORE investing your money.
- Stop Leasing - Start Owning. Leasing is paying for temporary use of another person’s property with nothing to show for the money spent. Work toward owning that car instead of leasing it. Stop renting and work toward owning your own home.
- Pay Yourself First. This is the golden rule of personal financial survival. Treat yourself as a debt and regularly pay YOU!
- Read Financial Literature Regularly. Read at least one money-focused magazine (monthly) or the business section of the newspaper (weekly). After reading, apply the information learned.
- Check Your Credit Report Annually. The Fair Credit Reporting Act guarantees you access to your credit report for free from each of the three nationwide credit reporting companies — Experian, Equifax, and TransUnion — every 12 months. You can obtain this for free from www.annualcreditreport.com; this is the only s the ONLY Federal Trade Commission, authorized source for the free annual credit report that's yours by law.
Ensure that only your information is contained in your credit file. Derogatory information? Work on clearing those items by paying your debts on time and closing those accounts that are inactivate. Contact creditors and share information regarding your financial status and your intent to pay the debt.
- Live Beneath Your Means. What peace! What joy when a woman has money left at the end of the month and all the bills have been paid! Now that promotes true peace of mind!
Make the choice to be a wealthy woman making wise choices!