Being financially disempowered is sadly becoming more common in the modern age, as our debts far outweigh our incoming. But how do we reverse course?
Q: How does a billionaire child end up $2 million dollars in debt at the age of 40?
A: By being completely financially disempowered.
Curry Glassell was raised in a billionaire home but was actively discouraged as a child from learning about budgeting or personal finances. At age 40, she ended up a newly-divorced mother of two, with $2 million in debt and no understanding at all of how financial institutions work.
“I was surrounded by wealth but I was always reliant on others to give me the funds I needed and wanted. I wasn’t taught how to understand or use the power of money,” she explains.
According to Curry, a global wealth consultant, too many of us – particularly women and girls – are financially disempowered and are in danger of losing it all.
So, what are the three signs you’re not empowered with your finances?
- you are never consulted about purchases or investments;
- you don’t know how much money you owe, are owed, or have saved;
- you constantly fall prey to impulse spending.
If you relate to any of the above, Curry suggests you take immediate steps to become more empowered by becoming more:
Interested: it may be easy to leave financial decisions to someone else, it may be what you are most familiar with, but in order for you to be able to choose what is best for your money, you must become engaged in your financial situation. Don’t abdicate yourself to this incredible responsibility.
Educated: these days, the Internet provides innumerable opportunities to learn online, and financial literacy classes are available for all ages and all walks of life. There is no longer any excuse for not learning about financial systems and investment options. Make the effort to learn, research and be aware of how your money is working – and can work – for you.
Bold: be bold enough to stand your ground if you see others making decisions that are undermining your wealth creation. Become your own “no” man or woman; your own advocate for your financial growth and a wealthier future.
Finally, to stop impulse spending, Curry has a simple three-step process.
Ask yourself “Can I live without this?”
The answer is normally “yes”.
If you can live without it, realise that the purchase is a choice.
Then ask yourself “Is now the right time to make this purchase?”
This empowers you to be in control of your impulses and your money.
When you stop and think about it, being conscious, engaged and fully aware of your financial situation is the only way you can ever enhance it. After all, you can’t control or influence something you’re not involved with or disconnected from, can you?