GlobalGrind’s financial coach and author of Living Beyond Check to Monday: A Spiritual Path to Wealth and Prosperity, Lynn Richardson, shares her views on how the ladies can manage two seemingly difficult areas of their lives: men and money.
A couple of weeks ago at the Circle of Sisters Expo in New York City, I had the privilege of moderating a panel where MC Lyte, Jacque Reid and Alesha Renee shared their views on men and money in a convention center full of women trying to get to the next level. Next week, I will share all of the juicy details and advice they gave, but today, I will share the final points that we all agreed were the most important items on the list of things a woman should be aware of when it comes to managing her man and her money.
1. Get an estate plan to ensure that the transfer of your assets takes place in accordance with your living wishes in the event of your separation or death. Here’s the reason why: if you leave a $500,000 life insurance policy to your man/husband/partner to make sure the house is paid off and the kids get a college education, you can’t guarantee that this will take place after your premature death; a number of things could prevent your family from having the financial security you envision. Grief could prevent timely and intelligent financial decisions. A new wife or girlfriend in the picture could lead things down a new path. Or pure financial mismanagement could wipe out the funds all together. The point is this: never say never. You don’t know what will happen in the event you are not here to oversee things and an estate plan is a positive step in the right direction to ensure that your wishes are carried out.
2. Make a decision early on about how you will handle requests for money, financial assistance, living space, and every other “favor” you might be asked of family members and friends. One suggestion is to have his people ask you when they want money and to have your people ask him. This way, you won’t tell your sister/mama/friend “yes” without your man’s permission and he won’t do so either. The other bonus is that the requester will probably change his/her mind if they realize they have to ask the other party!
Okay, add these tips to your wealth plan when dealing with your man and your money and I will share all of the celebrity tips from MC Lyte, Jacque Reid, and Alesha Renee next week!