The Fear of Finances and How to Get Out of the Fear
Vicky is one of our Global Members + Experts and I love how she is passionate about helping women connect to their finances and wealth. I interviewed Vicky on how FEMS can get started and how to start to connect to their money vibe.
What is the #1 fear you see from women regarding how they look at their money?
The biggest fear women must overcome is not having enough money or losing their money. Women are generally raised to be savers and less risk takers when it comes to investments.
What would you say to a FEM that is feeling like they want to learn more about money and how to invest but feel that it’s too complicated to learn?
The first thing I would say is that finance is not rocket science. You do not need high level calculus to understand investing and personal finance.
What is the best way to start learning more about money and even the basic terms?
I recommend that everyone take a personal finance course. Personal Finance is something that is unfortunately lacking from most educational curriculum’s in United States. I created Empowered Worth to bring personal finance education to women that is easily accessible and relatable. I also suggest that you start talking about money and investing with your partners, husbands and business mentors. Don’t be afraid to ask questions and demystify money.
How can FEMS start to invest with just even a few dollars?
First things first, pay yourself. Once you start paying yourself then make sure that you budget for saving and investments. Start with saving even a small amount for an emergency fund, eventually building up to 6 to 8 months basic living expenses. Next, look into a retirement saving accounts. Talk to your accountant or reach out to a financial planner or financial coach for guidance.
What are some books that FEMS can start to read to get more familiar with money?
Coming this summer my first book, Empowered Worth, will be available. It will give readers the basic steps I feel one needs to take to start on the Empowered Worth journey. I am also a big fan of a great book written by Barbara Stanny titled “Prince Charming isn’t coming”. Lastly a great beginner book is “Personal Finance and Investing for Dummies”
Any other advice you would give to FEMS reading this interview and wanting to learn more about wealth management?
I would tell all the FEMS that the hardest step on path of Empowering your Worth is the first one. Take it one step at time and before you know it you will feel the independence and security with be the steward of your financial goals, needs and wants.
Established in 2018, Empowered Worth is a Miami-based company that provides educational financial programs tailored for women. The curriculum also features a forum for women to share questions and concerns about financial planning. The programs are designed to be followed at one’s own pace and can be accessed either virtually or in person in a workshop-like setting. In addition, members can work with a financial coach to navigate through a financial crisis, financial apathy and more.