5 Financial Rules Every Woman Should Know

5 Financial Rules Every Woman Should Know

financial planning

As a parent, if there is one thing I hope I’ve passed on to my daughters—it’s that no matter where you are in life, there are principles which can ultimately determine whether you live with fulfillment or regret. To help you create a clearer path in the right financial direction, here are 5 rules that will help empower every woman—regardless of circumstance or age.

1. Your Finances Don’t Own You, You Own Them

When it comes to finances, there’s no middle ground; so hop in the driver’s seat and take control. Refuse to be a passenger so you end up where you want to go, not where you don’t.

Many people believe that because one partner handles the day-to-day finances, they don’t need to be involved in the investing aspect of the family finances. Nothing could be further from the truth. It’s always prudent to know what your investments are doing and why, where you stand financially, how much you have saved, where everything is, and the passwords to access it. What if your partner or spouse suddenly became unable to do this for you? At a time of stress, knowledge is power and helps ease the burden of an unfortunate situation.


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2. Don’t Be Intimidated

The financial world has traditionally been male-dominated, and that’s changing. All women can be a catalyst in this change and a positive role model for others by asking questions and educating themselves on money and investing. It feels good to be able to stand up for your financial rights and know how to design the kind of future you envision for yourself and your family.

3. Fearlessly Slay Money Issues

Almost everyone has some sort of money issues sometime in their life. For some it’s ongoing. But it doesn’t have to be this way. If you bury your head in the sand and go into denial or procrastinate, you set yourself up for future pain. Facing what holds you back from financial success, or as I like to call it—your ‘money demons’, can be the difference between finances being your tormentor, or finances that empower you.

4. Protect Your Freedom: Plan for a Rainy Day

It can be a mistake to simply assume you and your soul mate will make it to the end of life together. It’s smart for you both to plan ahead for unexpected issues, build your retirement plans, and keep them updated. That way if life throws you a curveball, you won’t have the rug pulled out from under you.

5. Financial Incompatibility is a Real Thing

While your partner may seem perfect for you in other respects, money does matter, and financial incompatibility can create a huge divide. From saving, to spending, to how you teach your kids about money and finances—money talk can quickly turn into a fight. Sadly, financial incompatibility doesn’t resolve itself without thinking and acting differently. It’s important for both partners to communicate regularly, openly and honestly.

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About Greg Hammond, CFP®, CPA

Greg Hammond is the chief executive officer of Hammond Iles Wealth Advisors, and co-founder of Planned Giving Strategies®. Greg leads a team of professional financial advisors providing customized wealth management and investment solutions for high-net-worth individuals, families, companies, and charitable organizations across the U.S.