Nov 21, 2007 10:32 am US/Eastern
Healthy Habits Of Wealthy Women
MIAMI (CBS4) ―
While more women today are taking charge of their financial future, many leave money management to men or ignore it completely. As a result, many women don't take charge of their finances.
But it's never too late according to author Michelle Boudreau, who through her own experience during her divorce, discovered many women ended up in the same situation as she did.
"I was married to a man who didn't make smart financial decisions and ended up living on my sister's couch," said Boudreau.
It took time but Boudreau said she was able to get out from under the debt her ex left behind. After that she built an empire in real estate and wrote a book to help other women. One habit she says women need to develop is to know what your money is doing and where it is.
"You need know what your money is doing one of my clients found a 401k and she didn't even know she had a 401 k she turned it into more money," said Boudreau.
Another tip; create a system to keep organized and clutter-free so that your financial info is available at a glance.
Boudreau says it's important to know what type of interest rate you're paying on credit cards or even your mortgage. She says if the terms are too high, you may be able to refinance and get a different credit card transfer rate that will enable you to save a lot of money over the life of some loans.
Boudreau also urges women who are married to open their own bank account as well as your own retirement plan and savings.
"This is not pitting men against women but this is about how do we show up to have a better relationship," said Boudreau.
Having individual credit will also help in case of a family financial catastrophe. For example, if your spouse loses their job, you will still have your own line of credit that you can use if you need it.
"If your credit scores are separate you can actually transfer all debt to one persons credit score and raise the other persons credit score to utilize that to leverage yourself to be in a better position for the entire relationship," said Boudreau.
While many of today's women echo Boudreau's advice.
"I'm right on top of it, you have to be prepared, you never know what life brings you one way or another," said Liz Mayan.
"I usually handle the checkbook myself," said Kellee Endara.
"Many others all too often are afraid of money matters, leaving it all up to the men in their lives," said Maria Barredo.
"We call that the prince charming syndrome where you wait for prince charming to pay your bills the rest of your life," said Boudreau. "Statistics also show you will outlive husband at some point you need to know about finances."
Another way women can learn to manage their money and have fun at the same time is by playing the board game – "The Millionaire Maker." It takes about three hours and is an educational tool to help women learn about building wealth, spending and investing. The main message experts want women to hear in all of this is that it is never too early, or too late, to take control of your financial future and by facing your finances, you can start to empower your self and your life one step at a time.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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