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Becoming Your Own Prince Charming: 7 Steps to Financial Mastery for Women

Discover how to overcome financial insecurities and take control of your financial future. Learn the 7 steps to financial mastery and become a smart, empowered woman.

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Becoming Your Own Prince Charming: 7 Steps to Financial Mastery for Women

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  1. BECOMING YOUR OWN PRINCE CHARMING 7 Steps to Financial Mastery for Women

  2. THE PROBLEM • Why do so many intelligent women feel financially inept? • What does it mean to be “smart about money”? • Why is it important? • How do you get smarter? • THE PROCESS • Six Steps to Financial Mastery • THE POWER • The Seventh Step to Financial Mastery • Closing Rituals AGENDA Agenda

  3. The Problem If I’m so smart why am I so ignorant about money?

  4. Why do so many women have difficulties taking financial responsibility? Taught We weren’t ____________ The ______________ The _________________________ Syndrome Taboos Prince Charming What does it mean to be smart? Dollar _________________Watcher _________________ Earner _________________Builder (Making money work for you; putting your money in assets that will grow: long term asset building.) Wage Wealth

  5. Why is it important to be smart about money? outlive Biggest risk women take: We will ___________ our money. How do I get smarter? Outer The__________ Work of Wealth. b. The__________ Work of Wealth. Inner

  6. Realization #1: Expose the myths • Realization #2: Reveal the truth • Realization #3: Confront the demons • Realization #4 & #5: Unveil the mysteries • Realization #6: Prepare for re-entry • Realization #7: Claim our power Let us begin our journey through the 7 realizations. We will:

  7. REALIZATION #1 NO ONE WILL DO THIS FOR ME.

  8. Dispelling the myth of Prince Charming is the Most Important Financial Decision you will ever make.

  9. Who is Your Prince Charming?

  10. The Good News The Myth not the Man has to go. We can have our Prince we just need to change the job description. He’s no longer our savior. He’s our Partner

  11. Outcome: Make decisions from • Knowledge, not • Fear • Ignorance or • Habit

  12. REALIZATION #2 LEARNING FOLLOWS A CURVE

  13. Four Phases of the Learning Curve Unconscious Incompetence Conscious Competence 1 4 Conscious Incompetence Unconscious Competence 2 3

  14. The 5 Basic Building Blocks of a Wealth Builder Stocks Bonds Real Estate Cash Commodities

  15. Three steps to getting smart or smarter about money: Every month Every week Every day READ TALK SAVE

  16. REALIZATION #3 ALL THE ANSWERS AREN’T OUT THERE

  17. Twelve Signs You’re in Resistance YOU’RE TOO BUSY YOU PROSCRASTINATE YOU’RE SCARED INTO INACTION YOU DEFER DECISIONS YOU LOSE INTEREST YOU’RE FORGETFUL YOU’RE DISORGANIZED YOU FOG UP, SPACE OUT YOU FEEL PARALYZED YOU FIND REASONS NOT TO ACT YOU’RE IMPATIENT YOU KEEP RUNING INTO NAYSAYERS “I have no time.” “I’ll do that later.” “Omygawd, what if…?” “You do it, you decide.” “This is boring, it’s not my thing.” “Oh, I meant to, but I forgot.” “Where did I put that…?” “What are you talking about?” “I just can’t think or get going.” “I can’t because…” “This is taking way too long.” Other people say, “You can’t do that”, “That’s not possible.”

  18. Three Stages of Resistance All Resistance comes from fear At the core of every fear is a belief At the root of every belief is a decision you made about yourself and/or money, that is neither rational or conscious.

  19. The Keys to Reducing Resistance • Remember your commitment • Take small steps • Tolerate discomfort • Get support • Other

  20. REALIZATION #4 THERE ARE NO SECRETS

  21. The Four Rules of Money Spend Less Invest Wisely 1 4 Save More Give Generously 2 3

  22. Stop using your __________________ Pay off ____________________ Pay ______________ first; do it ______________________ credit card bad debt yourself automatically

  23. There are only 2 ways to invest 1 You Own Or 2 You Loan

  24. Why not put all your money in the bank? • Biggest risk to women? • We will outlive our money. • Two biggest dangers are _______________ and _______________. inflation taxes

  25. 03% 02% 10% 5% 6.2% Real Estate Inflation Stocks Bonds Cash

  26. Words to the Wise Do homework (Learning Curve) Go slow Start small Invest regularly Diversify broadly Learn from mistakes

  27. REALIZATION #5 RISK IS NOT SYNONYMOUS WITH LOSS

  28. Definition of Risk • American Heritage Dictionary - • The possibility of suffering harm or loss. • The Smart Woman’s Definition – • The opportunity for gain. • Risk is _________________________________which only matters when you __________. volatility; price swings sell

  29. Here’s what the stock market looks like since 1926:

  30. Our biggest risk is that our ____________ will not grow faster than _____________ and __________ will take it away. money inflation taxes

  31. Two Ways to Reduce Risk • Time (vs timing) • Money you’ll need in 1-5 years: CASH • Money you’ll need in 5-10 years: STOCKS, BONDS, CASH • Money you’ll need in 10+ years: STOCKS, REAL ESTATE • Diversification

  32. Investing Pyramid “wild ones” Ltd partnerships, venture capital, hedge funds, derivatives, commodities;Gains can be huge, so can the losses;Made fortunes; Forced bankruptcies Most Risky Investments More Volatile Investments “pack a punch investments” More volatile, ratchet up returnsemerging markets, foreign funds, junk bonds Conservative Stocks and Bonds “inflation fighting money” Liquid-moved into cash easily;Fluctuate more than treasuriesRisk: have to cash in when market is down. (so longer time frame) Cash or Cash Equivalents “sleep at night money” CDs, treasuries, emergency reserve.Only risk: inflation, taxes

  33. REALIZATION #6 I DON’T HAVE TO DO THIS ALONE

  34. REALIZATION #7 I CAN MAKE A DIFFERENCE

  35. “Millions of women the world over are taking economic and political power, building new institutions, infusing them with new, more humanistic values, saving the world or part of it” - MEGATRENDS FOR WOMEN

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