Take Control of Your Finances Like You Own Your Health!
Manage Your Money Like a Health Priority! (Financial Advisor's Advice) - Manage your finances as carefully as you manage your wellbeing!
By Dani Parthum* Approx Reading Time: 3 Minutes
Time and again, I stumble upon women who are smart, assertive, and on top of their game - except when it comes to critical financial decisions such as retirement planning or equitable partnership finances. They believe money isn't important. Or it's too complicated. Or they're not cut out for it. Not out of disinterest, but because life's already full.
About Dani Parthum
Dani Parthum is a graduate economist, a money coach, a financial blogger, and an author. Under the brand MoneyWoman, she empowers women to conquer their financial fears and develop self-determined money management and wealth-building strategies. She regularly contributes to Capital Magazine.
Then comes life's curveballs - like divorce, job loss, a partner's death, retirement, a personal crisis. The wake-up calls vary. But the mistake stays the same.
You may protest, "I've already got my hands full with my career, family, volunteering, teenage daughters." And now you're supposed to deal with money too? Yes. Because money is a tool for shaping your life. Not a burden. Keep money as an afterthought and you're relinquishing control, dependent on partners, family, bank advisors, or chance, letting them dictate the terms of your life.
The book "At Mother's Expense" neatly displays the cost of such dependency: Most women in Germany live financially dependent on others.
Money isn't a chore. It's self-care.
Self-provision isn't just another item on your overflowing to-do list. It's self-care and self-respect - non-negotiable. I often ask women, "What do you want from life? How do you make it happen? What role does money play - in defining your future and your worth?" Few women understand that money is a tool to create their vision. And yet, they either give it away or fail to fight for it.
If you leave life-changing financial decisions to others, you're losing pieces of your freedom. The power to decide when to work, the flexibility to take a break, the ability to pursue your dreams. From my coaching experience, having financial and investment knowledge is the most life-changing thing for women: "I can provide for myself. I decide over my life (and my children's futures)."
Taking care of money isn't selfish, greedy, or masculine. It's vital for women - as self-care and self-respect. Let's reiterate this: if someone tells you otherwise, they aim to keep you small and dependent.
Of course, we all have 24 hours a day. Let go of unimportant tasks that drain you: unnecessary obligations, trying to please everyone, playing the eternal caretaker. Never let go of your financial responsibility. Treat it like the health of your body - something to nourish, something worth your time and effort. Embrace it. Watch the positive changes unfold. Suddenly, you'll be discussing finances with confidence. You'll understand, ask questions, make informed decisions. No more holding back, no more guilt, no more negative feelings. And start before it's too late.
Capital Magazine is a partner brand of the Stern. For more Capital content, access it with your Stern subscription or visit www.stern.de/capital.
- Finance
- Investment
- Self- Care
- Financial Empowerment
- Women
Additional Strategies for Financial Empowerment:
- Financial Literacy: mastering basic financial concepts like budgeting, saving, and investing to make informed decisions.
- Budgeting: allocating your income effectively to achieve your financial goals.
- Debt management: reducing and managing debt for improved financial stability.
- Investment education: gaining insights into investment options like stocks, bonds, and real estate for wealth accumulation.
- Financial planning: plotting long-term financial strategies, including retirement savings and home-buying goals.
- Mindset shift: overcoming psychological barriers to financial engagement, like fear and lack of confidence, and cultivating a positive outlook on money management.
- Community support: participating in women-focused financial support groups for shared experiences, advice, and encouragement.
- Emergency funds: having easily accessible savings to cover unexpected expenses and reduce financial stress.
- Financial independence: pursuing goals that lead to financial independence through career advancement, entrepreneurship, or other means.
- Embrace financial self-care as a cornerstone of personal empowerment, just like prioritizing health and wellness or advocating for women's health.
- Seek out educational resources on finance, investment, and financial planning, such as capital magazines, financial blogs, and books, to gain the knowledge required to make informed decisions.
- Join community support groups focused on financial literacy for women, where shared experiences, advice, and encouragement can help foster a positive attitude towards money management.
