By Joanna G. Burish
In my previous life, my former husband was a financial planner. One thing that always struck me was his stories about husbands who made all the financial decisions independent of their wives and then passed away or divorced. Their wives weren’t included in the investment, retirement, or banking conversations, as well as many other planning items. These wives left these decisions to others who “knew more,” leaving themselves in the dark and quite vulnerable once on their own. The scary part of these stories was when some were taken advantage of being led into the wrong high-risk investments, or overcharged extreme fees known as “churning,” and their savings were abused and lost. Not only does it still happen, but I myself was one of them. Fast-forward ten years, we divorced and there I was on my own. Paralyzed with the trauma of my divorce I made many mistakes and trusted the wrong people. Hence today, I’d like to teach you how not to do what I did back then. As Maya Angelou would say, “When you know better, you do better.”
In our 2020 world it may not be a death or divorce that’s causing you to feel paralyzed, but COVID-19. Lost job security and the market’s volatilities has 401K plans down to 201K plans. The word paralyzed is showing up often in my financial conversations with clients. Some put their head in the sand and let fear take over. This is where I bring back Ms. Angelou for you… Knowledge TRULY IS power. Ladies, just because times are hard doesn’t mean we stop making good decisions! Now more than ever, we need to look at where we stand financially today to learn how to make great financial decisions going forward.
How can we change this fear to an “I’m in control of my own destiny!” perspective? Here are five steps to opening the path to be our own change agent. Let’s open the floodgates and conversations about what financial planning is and why it’s so critical for you to have a holistic and diversified plan.
FIVE STEPS TO COME FROM A PLACE OF STRENGTH VERSUS REACTING IN FEAR:
1. FIND A PERSON THAT CAN BE A MENTOR AS WELL AS A SPONSOR
TO YOU. This is such an underutilized step, but as proven in my own Brauds Network, it makes a world of difference to know you have a tribe standing with you. #Braudpower sisters!
2. TREAT YOURSELF AS YOU WOULD A CLIENT, OR BETTER YET, A BEST FRIEND. Ask questions on her behalf on how experts are making good decisions, and who they’re learning new skills from for diversified success. If all your eggs are in one basket like in a 401K plan, or life throws you a curveball, you’ll know what I mean only after it’s too late. Be proactive — don’t wait.
3. DON’T BE AFRAID TO GET A SECOND OPINION FROM ANOTHER ADVISOR.
A second opinion will give you one of two things: 1) You get an A+ because your plan is complete! 2) You’ll get feedback to open a conversation with your advisor as to whether to implement these new opportunities. It’s a win-win. Some advisors, myself included, are happy to be an additional resource for you.
4. YOU ARE ENOUGH. Give yourself labels like smart, valued, perfect and loved. Surround yourself with people who
bring out the best in you and are honest enough to tell you about those areas where you can grow.
5. BECOME A WOMAN WHO ISN’T AFRAID TO TALK ABOUT MONEY. Staying silent will be your greatest regret when life happens and you realize you could have, would have, or should have taken steps available to you to protect yourself, but didn’t. Ask many questions, your future happiness and security will thank you!
You say you want real freedom, independence, and financial security into your retirement years? Then follow me! Remember, money is only a tool. It will take you wherever you want, but it will not replace you as the driver.
Contact Joanna directly at 608-658-3482 or joannaburish.nm.com
