A money reality check for women. Here’s an event you know so well, the economic recession that we are still trying to recover from. Do you remember these events and how they changed our economic picture, the investment company Lehman Brothers was forced to file for Chapter 11 bankruptcy protection , making it the biggest company in U.S. history to go belly up. Bank of America is buying Merrill Lynch, and the Dow Jones Industrial Average closed below 11,000. And, oh yeah, let’s not forget Fannie Mae and Freddie Mac getting bailed out by the government. All these events have been a big contributor to the crashing of a comfortable economic lifestyle.
These incidents became an eyeopener for a money reality check for women specifically. The reason being because up until now women never gave any serious thought about money. For many women money and how to use it was not a topic of discussion. Money was only used to make a purchase or maybe save a little for an emergency. This is the money lessons that were taught to women.
Let’s look at some quotes from the bible that many of us have heard and has played a role in the actions we have taken regarding money and handling a financial crisis. Do you remembering hearing your mother or grandmother saying “Our Father is Rich in Houses and Land.” “The Lord Will Make A Way Somehow.” “Seek first the kingdom of heaven and all of its righteousness…”What was the seed that was planted when you heard those words? What we heard growing up about money is deeply rooted in us and shows in our actions and feelings about money.
Here is the financial reality picture and what it means to each woman in providing for her family. The Lehman bankruptcy resulted in many banks going out of business. (Probably the one where you keep your money.) The banks that have remained in business are not giving out many loans to the struggling working class (e.g, mortgage loans, car loans, home improvement loans, loans for college). Credit card rates are continuing to go up. Food prices are consistently climbing at unrealistic prices (farmers are facing a credit crunch). Gas prices fluctuate up and down depending on a market crisis. Everyday more and more people are losing their jobs. This is the economic reality we are living in. Every day we are facing a money problem that needs a solution.
Because women lack the financial education about money, which is the resulted of created fears and deep rooted physiological issues around money that stem from our relationships with it going back to childhood and how our parents addressed the issue. This is why women are in need of a money reality check. With so much information at your finger tips, the question is what do you do and how do you know what information you should you use?
We have the information but it seems that no one knows or is sharing any answers on how to really survive this economic crisis we are facing. The few people who have the answers are the ones who are financially literate. To be financially literate means you understand how to make money work for you instead of you working for money. This kind of financial education is not taught in schools or advised by those with MBA’s and economic degrees. Not even the political leaders have ever advocated financial literacy, despite all their jostling.
In these trying economic times the topic of money and women’s fears need to be put on the table and discussed openly and honestly. I am convinced that the more we talk freely about money the more we are able to untangle the web of our complicated emotions that surrounds our belief system about money. All the deep seated emotions of fear, shame, embarrassment, envy, greed, or anger about money and what it represents can be dissolved. When we as woman can come together and openly share our stories we begin the financial healing process needed to release the struggles associate with lack, poverty, and unworthiness.
Food for Thought: It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for ~ Robert Kiyosaki
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