Michelle Williams. Ashley Judd. Emma Thompson. Reese Witherspoon. Other than being famous actresses these women have one big thing in common. All of these women have been able to share their voices in post #MeToo Hollywood. What else do they have in common? They have MONEY. Yes, money. Having money has allowed them to quit jobs, campaign on capitol hill, and fight workplace sexual harassment. And that’s just in the last 18 months!
“The more money you have, the more options you’ll give yourself” is one thing my clients regularly hear from me. And you don’t have to be an Oscar winning actress to give yourself the financial stability needed to provide yourself with options. Ask yourself this-if you were in an unhealthy situation like an abusive relationship or an unsafe work environment would your finances allow you to comfortably and confidently walk away? And what would walking away look like? Would you be able to move on knowing that your financial plan will stay intact or would it derail things? And how confident are you in your answer?
Here are a few things that you can do to take inventory of your financial stability if you need to take a stand in a #MeToo moment:
Look at your access to money. Do you have easy access or is everything in your significant other’s name? And do you have a good handle on what’s accessible and what’s not?
What does your debt situation look like? Are you debt free or struggling to make payments each money? If you have debt that’s stressing you out what will it take to get it to a manageable amount?
Do you have the appropriate cash reserve? By this I’m referring to money that’s available in a short period of time without a large risk or penalties. And what will that amount afford you? Months off of work? The expense of a big move?
Do you understand what’s going on with your money? Do you know what you have and where it is?
Now, I don’t expect the average person to have the knowledge of a CFP® professional, but I do think it’s important that you have a basic understanding of your financial situation regardless of who else is a part of your financial picture. And if your situation isn’t comfortable then ask yourself what it’ll take to make things more comfortable. It could be as easy as creating a financial plan to give you the assurance that you’ll be ok.
At Merino Wealth we believe that all women deserve to feel comfortable and confident in their financial situation. The ability to walk away from an unsafe situation is priceless. Let us know if we can help.
The views expressed today are my own and do not necessarily represent the views of my broker-dealer, The Investment Center, Inc. or my Registered Investment Advisor, IC Advisory Services, Inc. The information contained is derived from sources believed to be accurate. However we do not guarantee its accuracy. The information contained is for general use and it is not intended to cover all aspects of a particular matter. Neither the information presented nor any opinion expressed constitutes a representation by us or a solicitation of the purchase or sale of any securities. The information contained is not appropriate, by itself, to guide investment decisions.
All Securities Offered Through The Investment Center, Inc. Member FINRA/SIPC. Advisory Services Provided Through IC Advisory Services, Inc. – An SEC Registered Investment Advisor. Jessica Merino is a registered representative of The Investment Center, Inc. Merino Wealth Management is not affiliated with The Investment Center, Inc. or IC Advisory Services, Inc.