“You’re a smart woman – why are you acting like a money dummy? “ Do’s and Don’ts your best friend wishes you knew
We live years longer, earn less for the same work and generally manage the household budget and provide caretaking to elderly parents and young children without much help from our brothers and husbands – why don’t we take care of ourselves better because so much depends on us?
If you took care of yourself financially the way you focus on caring for everyone else, here’s what you and your best friends would avoid and what you would do!
Rely on your husband, father or boyfriend to rescue you or tell you what’s right for you
Shop if you are in debt
Pay only minimum payments on credit cards
Buy more house than you can comfortably afford
Put statements into a drawer without opening, reading and knowing what you own
Ignore maintenance on your car
Ignore any red flags that make you uncomfortable
Damage your credit with late payments
Forget about long term care insurance
Avoid responsibility for yourself and your children
Feel guilty and do nothing to change
Be your own advocate
Ask for the raise you deserve to grow your income faster
Freelance if you need more income
Save a percentage of every paycheck
Take advantage of work benefits
Have long term and short term disability coverage
Maximize your 401k, especially if your company matches
Maximize uninsured motorist (UM) coverage on auto policy
Have an umbrella policy
Accelerate paying off debt and growing equity in your assets
If you have dependents or a spouse, buy adequate life insurance
Have 6 months of expenses in a “rainy day” emergency fund
Supplement work benefits – some are not portable if you leave your job
Know the passwords to all your (and your spouse’s) accounts
Read the fine print – it reveals the gotcha’s!
Learn all you can and ask questions if you are confused
Work with professionals (CPA, Financial Advisor, Insurance Agent, Estate Planner)
I’m glad to help you better understand and manage where you and your family may be financially vulnerable and teach you how to become stronger and smarter with money. With intelligent advice and planning, you can lead a comfortable lifestyle and leave a legacy for your children.
Contact me with any questions: 770.366.3185. www.debradonaldsonscott.com
DEBRA DONALDSON SCOTT is an independent financial planner with Atlanta Planning Group, securities offered through Investors Capital Corporation, Member FINRA/SIPC.
Debra was a paralegal in the metro Atlanta area for 17 years, a financial specialist and officer at Wachovia, attended the certified financial planner program through the University of Georgia and lives in Buckhead with her husband, 2 dogs and 2 cats. She is past President of AWN, plays tennis, loves live music and wine with friends.