Money at WomanTalkLive
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More Than Money: Is Risk-Aversion Risking Your Future?
Thursday, May 16, 2013
Leonard RaskinNot long ago, our friends Lori and Bob Hollander of Relationships Works (who also happen to be the Relationship Experts for WomanTalk Live) presented a very enlightening Women Getting Wise On Wealth seminar on the differences between women and men when it comes to money – especially, in terms of solving conflicts.
Today, though, we want to take a closer look at the female side of the equation. Why certain attitudes about money – attitudes that are common to many women – can do far more than cause conflict. They can actually cause financial devastation for the woman.
While this may seem like a dramatic statement to make, what we’re saying is that it’s our attitudes about our finances, and not our financial realities, that can actually do the most damage to our finances.
According to a November 2012 Forbes magazine article:
“The differences between the sexes in terms of money attitude may seem small or relatively unimportant (e.g. the fact that women worry more about their financial health than men) but the impact…is enormous.”
The differences Forbes points to are very likely what you might expect, simply because you’ve heard it many times before in many other articles. Specifically:
- Women avoid risk more than men, which can stop us from investing in our financial futures.
- Women worry more than men about the effect of money on a relationship – specifically, what will happen if we earn more than men – which can cause us to limit our earning power (even unconsciously).
- Women worry more about financial health, but still lag behind in confidence and decision-making.
We hope you’ll take a minute to read more about these differences in Forbes’, Women And Money: Why They Avoid Risk And Lack Confidence When Making Decisions. But even more, if you feel any of the above attitudes apply to you, we want you to see beyond those phrases we’re all so used to hearing when it comes to women and money (e.g. “risk adverse,” and “lack of confidence”) and deeper into what they imply – and, then, we want you to ask yourself two potentially game-changing questions:
- Why am I holding onto attitudes about money that don’t match up with the truth about my strength and ability as a woman?
- When am I going to choose to be confident?
If you’re willing to take a really hard look at your own attitudes about money, what you might discover is that what’s actually lagging behind is not so much our ability to make financial decisions, but our image of ourselves. Because the truth is that where women are today in relation to financial matters, no longer matches up with the attitudes many of us are holding on to – attitudes that we’ve adopted from another time in history and from outdated cultural norms that are, well, no longer the norm.
The good news is that our attitude is one thing we have immediate control over. By educating ourselves we can re-discover our sense of control faster than we might think and soon find ourselves in a totally new perspective about money. The next time we read an article like the one from Forbes, we might even say, “Thank goodness that no longer applies to me.”
To getting wiser,
Leonard Raskin
Women Getting Wise on Wealth from Raskin Global
443-212-1122***
Get the TOP 10 FEMALE FEARS ABOUT MONEY absolutely FREE when you enter your email address on our website (just look for the GET RICH IN KNOWLEDGE box at the top right).
We’ll also keep you up-to-date on our popular FREE seminar series – so visit www.WomenGettingWiseonWealth.com today!
Raskin Global is a team of highly experienced financial planners who believe you deserve more than financial advice. You deserve to be confident and inspired so that you can take charge of your own future and make the wisest decisions possible in all areas of your life. To talk with us about all the ways you can take charge of your finances and create the life you want, give us call at 443-212-1122.
Leonard P. Raskin, Registered Representative and Financial Advisor of Park Avenue Securities, LLC (PAS), 954 Ridgebrook Road, Suite 300, Sparks, MD 21152. Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment advisor, (410)828-5400. Field Representative, The Guardian Life Insurance Company of America (Guardian), New York, New York. PAS is an indirect, wholly-owned subsidiary of Guardian. Raskin Global is not an affiliate or subsidiary of PAS or Guardian. PAS is a member of FINRA, SIPC.
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More Than Money: Why the Sandwich Generation is Being Eaten Alive and What You Can Do to Escape a Distasteful Financial Fate
Thursday, May 9, 2013
Leonard RaskinBy now, you’ve likely heard much about the Sandwich Generation – those adults who get stuck in the middle of a double financial whammy.
One hand they have children who are still young and living at home – dependent on them for emotional and financial support.
On the other hand, they have aging parents who also depend on them for emotional and financial support. Often thanks to advances in medical care that allow us to live longer, but not without significant expense.
In a time when it can be hard enough to simply find and keep a job that pays for your own basic expenses, many people are being stretched so financially thin that they’re finding themselves in real trouble. Money they need to save for their own retirement must instead be used for their parent’s care – which also tightens available funds that normally would go to their children. Even worse, some families find it necessary to have one working member quit their job in order to provide care for someone else – simply because that outside care is so expensive. Even though it may be the best choice, it’s a situation that can devastate even well-off families fast.
It’s a tough spot to be in, but there are ways to avoid the sandwich and still take care of both your children, your parents – and yourself.
Here’s our short list of action steps that can help you ensure you’ll end up with more bread, rather than between two slices of it:
- Talk to your parents about their finances early on. The more you know about their situation, the better you can prepare.
- Encourage your parents to look into long-term care insurance so that their care doesn’t have to come out of your pocket.
- Consider purchasing long-term care insurance for yourself. If your funds are wiped out by your children and your parents, this may be your only cushion.
- Look for less expensive alternatives for your kid’s education. Scholarships are abundant and, often, obscure, making them even easier to get. Also consider paying for your children’s in-state education, but requiring them to pay the difference if they choose to go out of state.
- Make sure you’re funding your own retirement plans to the maximum possible yearly.
These are just a few ways those in the Sandwich Generation and those who may be there soon can ensure the best possible outcome for all parties. Priority one, of course, is talking to your financial planner. There are multiple issues that can impact the choices you make with regard to caring for children and aging parents at the same time and this is one situation where getting professional help is a must.
To getting wiser,
Leonard Raskin
Women Getting Wise on Wealth from Raskin Global
443-212-1122***
Get the TOP 10 FEMALE FEARS ABOUT MONEY absolutely FREE when you enter your email address on our website (just look for the GET RICH IN KNOWLEDGE box at the top right).
We’ll also keep you up-to-date on our popular FREE seminar series – so visit www.WomenGettingWiseonWealth.com today!
Raskin Global is a team of highly experienced financial planners who believe you deserve more than financial advice. You deserve to be confident and inspired so that you can take charge of your own future and make the wisest decisions possible in all areas of your life. To talk with us about all the ways you can take charge of your finances and create the life you want, give us call at 443-212-1122.
Leonard P. Raskin, Registered Representative and Financial Advisor of Park Avenue Securities, LLC (PAS), 954 Ridgebrook Road, Suite 300, Sparks, MD 21152. Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment advisor, (410)828-5400. Field Representative, The Guardian Life Insurance Company of America (Guardian), New York, New York. PAS is an indirect, wholly-owned subsidiary of Guardian. Raskin Global is not an affiliate or subsidiary of PAS or Guardian. PAS is a member of FINRA, SIPC.
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More Than Money: Smart. Talented. Successful. And Still Worried About Ending Up Lonely and Broke.
Thursday, May 2, 2013
Leonard RaskinYou’d think that with all the things we women have to worry about, the impact of wild success on our lives would not be one of them. But it is.
According to “Women, Money & Power 2013,” a study from Allianz Life Insurance Company of North America, even women earning $200,000 or more still worry about winding up broke and alone.
While it would be easy to blame ourselves for this flawed thinking, the problem really stems from our culture. Specifically, long-held stereotypes that, while completely outdated, are still wrecking havoc on our self-confidence.
Here are just a few of beliefs we need to ditch if we expect to stop perpetuating the un-truths:
- Successful women are intimidating – especially to men.
- Women are not supposed to talk about their success – even to other women.
- Making more money than your partner is a recipe for disaster.
- Abandon the need to be rescued and you abandon the possibility of love.
- Women are bad at money management.
So, what’s a woman who’s ready to get real about herself and her success to do. MSN Money recommends two ways to overcome the stereotypes and get on with our lives as powerful, independent – and lovable – women:
- Educate Ourselves: One great way to do that is attend Women Getting Wise On Wealth seminars – check out our event calendar at www.WomenGettingWiseOnWealth.com.
- Break the Cycle: Make sure the messages you’re passing onto the next generation of women are empowering, and that you’re not modeling behavior that reinforces that we’re all just waiting for a man to take care of us.
Read the entire article at MSN MONEY: Women: Will success leave you lonely?
To getting wiser,
Leonard Raskin
Women Getting Wise on Wealth from Raskin Global
443-212-1122***
Get the TOP 10 FEMALE FEARS ABOUT MONEY absolutely FREE when you enter your email address on our website (just look for the GET RICH IN KNOWLEDGE box at the top right).
We’ll also keep you up-to-date on our popular FREE seminar series – so visit www.WomenGettingWiseonWealth.com today!
Raskin Global is a team of highly experienced financial planners who believe you deserve more than financial advice. You deserve to be confident and inspired so that you can take charge of your own future and make the wisest decisions possible in all areas of your life. To talk with us about all the ways you can take charge of your finances and create the life you want, give us call at 443-212-1122.
Leonard P. Raskin, Registered Representative and Financial Advisor of Park Avenue Securities, LLC (PAS), 954 Ridgebrook Road, Suite 300, Sparks, MD 21152. Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment advisor, (410)828-5400. Field Representative, The Guardian Life Insurance Company of America (Guardian), New York, New York. PAS is an indirect, wholly-owned subsidiary of Guardian. Raskin Global is not an affiliate or subsidiary of PAS or Guardian. PAS is a member of FINRA, SIPC.
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More Than Money: Ready for Your Kids to be Financially Independent? You Might Have to Work Harder at It Than You Think.
Thursday, April 25, 2013
Leonard Raskin“Come on, mom! Come on, dad! Suzy’s parents give her an allowance!”
Sound familiar? Normal even? What would you say if we told you the speaker was 28 years old?
A startling new study conducted by Junior Achievement and sponsored by The Allstate Foundation uncovered that 25% of all teens today actually EXPECT to depend on their parents financially well into their mid to late 20s.
While the economy has a lot to do with this situation, and while many grown children do need and deserve help every once in awhile, what parent wants to give their 28-year-old an ongoing allowance? Did we not raise our kids to be financially independent? More importantly, will our adult children begin to loose motivation when it comes to making their own way in the world if it continues to be acceptable to rely on mom and dad so late in life?
An even better question: What can we as parents to do to ensure our adult children have the best chance of taking care of themselves when it comes to money?
In a recent MSN Money article, journalist Donna Freedman provides more information about this problem and also shares practical tips for parents – from making sure your kids don’t get too comfortable at home to the difference between encouraging and enabling. We think it’s well worth the read:
MSN Money: Will Junior ever move out?
To getting wiser,
Leonard Raskin
Women Getting Wise on Wealth from Raskin Global
443-212-1122***
Get the TOP 10 FEMALE FEARS ABOUT MONEY absolutely FREE when you enter your email address on our website (just look for the GET RICH IN KNOWLEDGE box at the top right).
We’ll also keep you up-to-date on our popular FREE seminar series – so visit www.WomenGettingWiseonWealth.com today!
Raskin Global is a team of highly experienced financial planners who believe you deserve more than financial advice. You deserve to be confident and inspired so that you can take charge of your own future and make the wisest decisions possible in all areas of your life. To talk with us about all the ways you can take charge of your finances and create the life you want, give us call at 443-212-1122.
Leonard P. Raskin, Registered Representative and Financial Advisor of Park Avenue Securities, LLC (PAS), 954 Ridgebrook Road, Suite 300, Sparks, MD 21152. Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment advisor, (410)828-5400. Field Representative, The Guardian Life Insurance Company of America (Guardian), New York, New York. PAS is an indirect, wholly-owned subsidiary of Guardian. Raskin Global is not an affiliate or subsidiary of PAS or Guardian. PAS is a member of FINRA, SIPC.
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More Than Money: Your Money Calendar – What to Do Daily, Weekly, Monthly, Quarterly and Yearly to Stay on Top of Your Finances
Thursday, April 18, 2013
Leonard RaskinWe live in a time-crunched world. Often, we’re lucky if we just get a few things crossed off our to-do lists each day. Not to mention, find time for the activities we really enjoy.
Of all the things we need to get done, though, tasks related to managing our money have a strange way of falling by the wayside.
Sometimes, it’s because we just don’t want to look at our finances (avoidance). Other times, it’s because we simply don’t know what we should be doing on a daily, weekly, monthly, quarterly and yearly basis. As a result our financial “to-do’s” fall through the cracks, creating an impossible mountain over time.
So, this week, we’re sharing a few practical ideas for what you can do daily, weekly, monthly, quarterly and yearly to stay on top of your financial action list. We’ve compiled our list with insights from a very helpful 2010 Forbes article on the same topic and, of course, added our special twists.
Your Money Calendar
Daily: Monitor your spending habits. Write down what you purchased each day and how much you spent – and do it for at least 30 days. Understanding your daily financial habits is one of the key steps to taking charge of your money. Also, handle bills each day as they arrive, either by paying them right way, or by grouping them by due date. Whatever filing system you choose has to work for you – meaning it truly helps you keep money matters front and center.
Weekly: Pick a weekly “pay bills” day and pay all bills that are due each week on that day. Create a weekly budget that’s based on your daily habits. If you hit Friday and you’ve run out Café Latte money, wait until the following week to get your next fix. Learning how to budget on a weekly basis is a great start for learning how to budget monthly and annually.
Monthly: Make a Money Day! Pick one day each month to handle all major financial tasks, such as reviewing your banking online, checking in on your credit card accounts to spot potential identify theft and making sure your 401K contributions have been deducted from your account.
Quarterly: Four times per year, check in with your financial planner. There are many financial actions that need to happen quarterly and talking with your advisor a few times per year will not only help you stay on top of those quarterly tasks (like re-balancing your portfolio), but will also help you develop a stronger relationship with the people who manage your investments, make sure you’re protected and help you achieve your goals.
Yearly: Every year, revisit your big picture. Take a look at your insurance coverage in all areas (home, auto, health) and make sure your policies are still right for you. Revisit your long-term goals and let your financial planner know what’s changed in your life. Big and small changes in your status can have a big impact on your plans and you need to make sure your financial plan keeps pace with where you are and what you want. Additionally, check in on interest rates of credit cards and savings accounts (include CDs, money market accounts, etc.) to make sure you’re getting the best rate you can. Also, review your overall budget compiled from your daily, weekly and monthly monitoring and see if you can find places to save. You’ll also be looking for what’s changed with regard to your budget, such as added expenses, as well as making sure you have a plan for building cash reserves (your emergency fund). Finally, take a look at your debt to income ratio and make sure you haven’t overextended yourself. If you have, and even if you haven’t, see your financial planner in person (if possible). This is different from your quarterly check-in and most financial planners want to schedule an annual planning meeting with you anyway.
To getting wiser,
Leonard Raskin
Women Getting Wise on Wealth from Raskin Global
443-212-1122***
Get the TOP 10 FEMALE FEARS ABOUT MONEY absolutely FREE when you enter your email address on our website (just look for the GET RICH IN KNOWLEDGE box at the top right).
We’ll also keep you up-to-date on our popular FREE seminar series – so visit www.WomenGettingWiseonWealth.com today!
Raskin Global is a team of highly experienced financial planners who believe you deserve more than financial advice. You deserve to be confident and inspired so that you can take charge of your own future and make the wisest decisions possible in all areas of your life. To talk with us about all the ways you can take charge of your finances and create the life you want, give us call at 443-212-1122.
Leonard P. Raskin, Registered Representative and Financial Advisor of Park Avenue Securities, LLC (PAS), 954 Ridgebrook Road, Suite 300, Sparks, MD 21152. Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment advisor, (410)828-5400. Field Representative, The Guardian Life Insurance Company of America (Guardian), New York, New York. PAS is an indirect, wholly-owned subsidiary of Guardian. Raskin Global is not an affiliate or subsidiary of PAS or Guardian. PAS is a member of FINRA, SIPC.