5 Steps to Financial Empowerment

Earlier this month, I hosted Power for Pink with the organization Sweat for Smiles. It was an amazing evening that combined intentional networking, a HIIT yoga workout, fundraising for the Breast Cancer Research Foundation, and a panel discussion on how to become empowered in different aspects of your life.

Here is the 5-step process I shared to achieve financial empowerment…

1.      Understand Your Money Story

 When it comes personal finance, the finance part of it easy – it’s just numbers. It’s the personal part that makes it complicated because money is emotional. We all have our own unique experiences with money – from how it was or was not handled growing up to the good & bad decisions we’ve made along the way. Understanding your relationship with money and how you make financial decisions is the first step towards financial empowerment.

2.      Let it Go

Once you’ve identified your emotional money baggage, LET. IT. GO. Today is the day you are taking ownership over your financial life. Whatever shame, regret, embarrassment, bad decisions or poor advice you followed is now behind you. Everything that happened previously has gotten you to this point. We are no longer looking backwards – from here on out, we only look forward. It’s now time to learn from and correct past mistakes, to build on what you’re doing right, and to get on track to living your best life.

3.      Get Educated (but don’t let it stop you!)

Learn as much as you can (after all, knowledge is power!). Don’t let the jargon of Wall Street intimidate you. Listen to podcasts, read books, attend workshops over & over again until you feel comfortable with the vocabulary and concepts. HOWEVER, you eventually need to take action. I’ve seen far too much analysis paralysis when it comes to make money decisions. Take baby steps that you feel comfortable with.

4.      Bring in Help

Whether it is a financial advisor, parent, partner, family member, friend or colleague, find someone who is not only knowledgeable about personal finance & investing but who also is looking out for your best interests. Be wary of social media accounts and groups that are not checked or screened accuracy.

5.      Trust Your Intuition

Follow your instincts. If something doesn’t seem right or too good to be true, chances are it may be. Take your time making decisions, get second opinions and do what feels right to you.

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