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Financial Literacy

“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!

 

DON’T:

 

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

 

DO:

 

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.

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