August 28, 2015

Redefine Your Financial Independence

No Shoulda, Coulda, Woulda When It Comes to Your Wealth

How clear are your financial plans for the future? Do you know how much income you’ll bring in from your investments, savings plans, and eventually social security next year, next decade, or whenever? Do you have a nagging sense of “shoulda coulda woulda” when you think about how you’ve managed your money and invested (or not) up until now? Do you know when you can or will stop working? Are you thinking: Maybe never?

One of the biggest fears among women in this country is that she will become a “bag lady.” This fear pervades every economic level, interestingly. For many, the fear has nothing to do with the likelihood of becoming penniless; it comes from not having clear information and a clear plan about your financial future. In other words, the fear comes from Not Knowing.

This is where this workshop comes in. We will first work through a progression of exercises designed to address your core attitude toward money, how that attitude was formed and how it’s affected how you’ve earned and used your money, and what you feel about how you’ve managed and spent money throughout the course of your life. We will address those Should Coulda Woulda’s that might be weighting you down.

We’ll then each work individually through a guided assessment of our own situations – what we have, what we expect to have, and what will be our likely income level at various points in our future if we continue operating as we’ve been doing. We’ll talk about ways to protect and grow the money and property that we have today, including some options you might not have thought about that could really affect your financial independence.

This workshop is not just about preserving wealth, it’s also about spending some of it on yourself. Think about this; while all of us should be aware of the need to protect what we have in order to insure our financial future, we should also be aware of what we can afford to spend now. Many women deny themselves pleasures such as travel out of fear that they can’t afford to spend the money, when actually they do have discretionary income they can safely spend on pleasures today, while still protecting tomorrow. If only they knew, right?

This workshop will be led by Ivy Menchel, CFP®, CDFA™, a Family Wealth Advisor with Sagemark Consulting in New York City.