How Women Can Build a Better Relationship With Money with Brie Williams, #143

Retire With Ryan

English - April 05, 2023 07:00 - 27 minutes - 22.4 MB
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Previous Episode: 7 Ways to Lower Your Income and Avoid the IRMAA Medicare Surcharge, #142

Next Episode: 5 Reasons To Write Your Will Now, #144

Women have come a long way in terms of owning their financial power. That’s not to say there aren’t still challenges or wage discrepancies, but globally women are poised to take center stage as their earning potential grows. On this episode, I am joined by Brie Williams to discuss tips and strategies for women to build a better relationship with money, achieve their financial goals, and prepare for a successful retirement.

You will want to hear this episode if you are interested in... Getting to know Brie Williams and unpacking our personal relationships with money [0:42] Developing positive and realistic money habits [8:26] Creating a budget, paying off debt, and saving for the future [13:16] Keeping track of your finances [18:29] Three financial tips every woman needs [23:20] Taking back your financial power

In 1974, the US government passed the Fair Credit Opportunity Act, which made it illegal for financial institutions to discriminate based on religion, race, national origin, or gender. For the first time EVER, women could apply for and hold their own credit cards and exercise unprecedented financial independence. However, generations of gender-based discrimination left a financial literacy gap that is still felt today. That’s why people like Brie Williams are committed to empowering women to own their finances and achieve their financial goals.

Many of our ideas around money come from childhood. Our family’s attitude towards money will impact our own whether we want it to or not. Thankfully, Brie's mother had a healthy outlook on money, and ensured she started gaining financial literacy at a young age. But many people grow up in households where money is the greatest source of stress. This could lead to all sorts of unhealthy relationships with money. Maybe you avoid it and thus avoid planning for the future of retirement. Or perhaps you spend excessively to feel safe. Whatever your financial hang-up is, it’s time to put a plan in place to get control of your financial future.

Practical steps for healthier finances

One of the best ways to develop a better relationship with money is mindfulness. Simply being aware of how you’re spending money can take that relationship in a positive direction. There are several safe apps out there to help you keep track of your finances, but a good ole fashioned pen and paper works too. Having financial conversations is another way to increase money mindfulness. Culturally, we are taught not to talk about money, and women are specifically targeted with this kind of rhetoric. We have to break out of stereotypes and normalize the money conversation for everyone. Discuss your financial goals with trusted family and friends or a financial advisor to make the most out of financial planning.

Everyone is on a journey with their finances. You will make mistakes. But the journey is about gaining competence over time and celebrating the small wins. When we acknowledge our progress, however small, we motivate ourselves to achieve the next positive step. This makes the journey more rewarding because we’re developing healthy financial habits and gaining experience as we go. Listen to this episode for more on building a better relationship with money!

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