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 Mothers: Powerful Financial Role Modelsby Stacy Francis, CFP®, CDFA Mothers work hard to raise us. They guided us through school, helped us make decisions about our career, and been there as a shoulder to cry on when a relationship went sour. We also have them to thank for, for better or worse, our money management skills. Indeed, our mothers are powerful financial role models, whether they planned to be or not. What type of mother did you have? Coupon-Clipping Mom: Were you raised by a mother who knew the value of a good store discount? This type of mother taught you to be thrifty. She taught you about priorities and you were able to save your money so you could spend on what matters. Extravagant Mom: Was your mom a tad bit careless or clueless about managing money? This could actually work out in your advantage. Seeing your mother’s extravagance with money can inspire most daughters to get their own financial acts together. Hopefully, you will have learned that while its nice to be generous, you need to think of your long-term goals and think long and hard before spending money on low priority items. Head-In-The-Sand Mom: Women who grew up in the ‘60s and ‘70s got mixed messages from their moms about whether you were supposed to be in control of your finances or wait for your husband to do it. Many mothers simply avoided the whole money topic with their daughters. As a result, you have a harder time taking the financial reins in your own life. Your mom may have taught you to spend wisely, but she may not have taught you about how to invest for the future. You may feel a mix of things about the financial example you got from your mom, so here are some tips for working with inherited money habits. Acknowledge your mother’s influence – whether she was a positive role model or not, it’s important to be aware of the ways you’re following in her financial footsteps or if you are the opposite. Don’t point fingers – seeing yourself as an objective and separate financial person from your mother can help you avoid the same mistakes she made. Finger-pointing won’t help your finances, but observing your mother’s habits and understanding that there are better ways is a better way to cope with your mom’s money messages. Make your own choices – you may be stuck with your mother, but you are certainly not stuck with what you’re raised with. Be grateful for the money skills you received from your mom, but realize that you can be even more proactive about money. That’s the one wish I’m sure every mother wishes for their daughter. Stacy Francis, CFP®, CDFA can be reached at stacy@francisfinancial.com www.francisfinancial.com and www.savvyladies.org ###
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Objective: The objective of IAHC efforts is to make the American dream accessible to kids no matter who they are, where they come from, or what language they and their parents speak at home. Slogan: Changing Lives One Habit and Dime at a Time!
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| Prevent Serious Debt Problems By Taking Action Now Manage financial challenges Bills.com SAN MATEO, Calif., July 15, 2009 - With the U.S. economy reeling fromrecession, more people are struggling with severe debt, but according to Ethan Ewing, president of free online consumer portal Bills.com, individuals and families can take steps to prevent severe financial hardship. The economic recession has left 8 million Americans unemployed and 79 million people struggling to pay medical debt. Over time, the top three causes of serious debt hardship are unexpected medical expenses, divorce and job loss. * A 2005 Harvard study found that medical bills account for half of all personal bankruptcies. * Among couples with children, 19 percent of mothers fall into poverty in the year after a divorce. * As U.S. unemployment rates approach 10 percent, millions of Americans face the financial pressures of joblessness. Other causes of significant debt problems run the gamut and can include everything from education to gambling, Ewing said. "While gaining a college education is a valuable investment, it is a painful reality that average graduates start adult life with education debt of more than $22,000," he said. "In the betting arena, the New York Times reported that the average problem gambler had debt of $17,000 in 2004 -- on an average income of $35,000." While individuals cannot always eliminate unexpected occurrences, Ewing suggested individuals take certain steps to minimize the risk of severe debt: 1. Plan ahead with insurance. Before a medical situation arises, if possible, secure the best health insurance available. Seek out a high lifetime maximum and high-coverage percentage after deductible. One costly illness can quickly run through a $1 million maximum. 2. Think of alternatives. A college education is a worthy investment, but how a student obtains it can vary significantly. Many students can cut costs by living at home while attending school, or attending an affordable community college for two years, then transferring to a more prestigious four-year institution. 3. Rescale lifestyle. Even those who anticipate that they will soon recover from a financial blow such as a medical incident, divorce or job loss should immediately rescale their lifestyle to live within their current means. "Do not run up unnecessary debt by planning on tomorrow's income to repay it," Ewing cautioned. 4. Face the facts. People who face mounting debts, such as from a serious illness or injury that runs up hospital bills or leaves them without income, should collect all their bills to learn exactly how much they owe. Then ask each creditor about options for repayment. 5. Pay critical bills first. The most important payment to make is a mortgage. "If you fall behind on this bill, you could lose your home," Ewing said. "After the mortgage payment, prioritize other secured debt, such as an auto loan, and then credit card bills and other unsecured debt." 6. Eliminate dangerous habits. "Individuals who sense they have a problem with gambling or other addictions must take a hard look in the mirror and realize their 'entertainment' could ruin them," Ewing warned. Ask a doctor or call the state for resources to help resolve what could be a serious personal problem. And if you have a good friend or family member who has gambling debts spiraling out of control, be a true friend, and step up and talk to them about it. 7. Choose debt help carefully. For those who are unable to resolve their situation directly with creditors, and who need professional help to negotiate on their behalf, Ewing advised: "Be sure you are working with a reputable debt settlement service that works as an advocate for consumers - vs. a company that may receive its funding from creditors," Ewing said. Obligations of each party should be clearly spelled out from the beginning, with no hidden terms or fees. "Struggling with tens of thousands of dollars of debt can be a frightening experience," Ewing said. "If you cannot manage debt or other problems on your own, consider seeking out help. Whatever means you choose to move out of debt and forward in life, know that you are not alone, and with time and effort, the future can be brighter." ### |
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