You would think that working in financial services for close to 15 years that I would have a better handle on my finances but alas, I do not. I am really am quite the spendthrift. Much like my eating habits, I know what I need to eat and how much yet, I eat too many dinners out and that it is the way it is with my finances.
Recently, I had the pleasure of attending an event hosted by Jill Seiman of glamamom.com and Go Girl Finance at the truly cool and well -known Warren Tricomi Salon on Madison Avenue.
The main speaker financial author, Manisha Thakor provided us these main themes which I hope you (and me) in 2012 will take away as action steps to be more financially astute.
1. Start Saving Now
One of the biggest mistakes I made in my twenties was not to start saving when I got out of college, even if it was $100 a month. The number you end up with at 65 when you start saving in your twenties is far more significant than when you start in your thirties. There is nothing wrong with treating yourself to a new pair of shows but as they say pay yourself first then buy those shoes. And when Manisha reminded us to always ask “how many hours do you have to work to earn those shoes?” it was such an “aha” moment.
2. Planning for the Future
This is not a sexy topic but as a child who endured probate court when it was discovered that my dad did have a will but unfortunately it was written on which made it null and void, I know that every parent should have a will.
Manisha mentioned all the legal documents, that every parent needs to have: a will, life insurance, disability insurance, umbrella liability and medical power of attorney. Manisha mentioned the standard life insurance purchase is 5-10 times your annual income and that you don’t need an expensive lawyer that there are companies like legalzoom.com that can do the basics. I realize that I need to take care of a few legal housekeeping items. I have a will and insurance but no additional insurance or medical power of attorney. Yikes!
3. Small Business and Self-Employment
Since I have a small business taking on consulting projects, one needs to think of protecting oneself. Manisha discussed that one really needs to set up an LLC and it’s easy to do and recommended legalzoom.com which I used but definitely would recommend using less inexpensive ways by doing it yourself.
4. Money amongst Couples
This did not apply to me but I took the message to heart. Couples never talk about money before or during marriage. I completely agree that every couple before they get married needs to understand how they feel about money. Are you a spendthrift or saver? How much debt to you have? Do you have the same financial goals? And during, Who pays the bills?
Thanks again to Jill Seiman of Glamamom bringing this amazing group of women together for such an important topic that all women need to know.
Disclosure: NYC Single Mom was not compensated for this post but every woman needs to get a better understanding of their finances.
So great to see you! Glad you found the event informative!! xo