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Are you a wealthy woman?


Introduction (Module 1)

In the book, A Purse of Your Own, I share the seven wealthy habits of financially successful women. I also share how these same attitudes and behaviors helped me to move forward in my career, and put me on the path to engage, enlighten and equip women with the tools they need to build wealth. Now I want to help you assess if your current attitudes are in alignment with you adopting the wealthy lifestyle.


Here’s an overview:

  • Wealthy Outlook – The habit of adding value.
  • Wealthy Vision – The habit of leveraging your strengths.
  • Wealthy Appetite – The habit of acquiring knowledge.
  • Wealthy Focus – The habit of setting and achieving goals.
  • Wealthy Mindset – The habit of viewing problems as opportunities.
  • Wealthy System – The habit of managing and tracking your resources.
  • Wealthy Legacy – The habit of paying it forward.

I also share how these same attitudes and behaviors helped me to move forward in my career, and put me on the path to engage, enlighten and equip women with the tools they need to build wealth. Now I want to help you assess if your current attitudes are in alignment with you adopting the wealthy lifestyle.

 

Download worksheet and record your answers to the following questions and save in your binder.

Wealthy Outlook

About Money

Wealthy women think of money as a tool to help them achieve what they want. Like a key, money is a tool that can be used to unlock doors, important doors that determine the way a person lives today and in the future. Wealthy women realize money is the tool that can help them to become financially independent and help fund their philanthropic endeavors.

When wealthy women look at their money, they generally ask themselves:

  • What’s the best use of this money?
  • How can I make this money make more money?
  • How does this compare to the way you think about money?

Take out your banking or checking account statement. Write down your last three saving or investment decisions.

  1. ____________________________________________
  2. ____________________________________________
  3. ____________________________________________

How did your responses compare to how a wealthy woman thinks about money?

____________________________________________________________________________________________

What would you do differently?

____________________________________________________________________________________________

Wealthy Vision

Wealthy Woman Does

Wealthy women think differently from other women. They view money uniquely and develop patterns of behavior and thoughts that keep them in front financially.

A wealthy woman considers the following questions:

  • How can I pay myself first?
  • What kinds of plans are available through my employer?
  • Does my employer plan provide an advisor for me to discuss my options with?
  • Will my advisor review my choices with me before I follow the advice of someone else?
  • Do I need to schedule an appointment with a financial advisor and an accountant semi-annually or annually?

Review your employer sponsored plan(s) and/or individual retirement account statements.

List your accounts and the amount of your monthly contributions

  1. ____________________________________________
  2. ____________________________________________
  3. ____________________________________________

Are you paying yourself at least ten percent of your income?

Yes_____ No _____

How did your responses compare with what a wealthy woman does?

____________________________________________________________________________________________

____________________________________________________________________________________________

Wealthy Appetite

Wealthy Woman Learns

The wealthy woman has developed the habit of acquiring knowledge. She reads, observes, talks, and takes classes. As her knowledge grows, so does her ability to screen information that comes to her from advisors, and her skill in making smart decisions. If you acquire the habit of a Wealthy Appetite, you will see learning as your responsibility to yourself and will increase your future prosperity.

Let’s see how a wealthy woman satisfies her craving for information:

  • She creates her own reservoir of information by subscribing to newspapers such as The Wall Street Journal or The New York Times.
  • She tunes into a financial television show like the Nightly Business Report or CNBC to keep abreast of the financial markets.
  • She adds financial sites such as www.money.com as her Internet home page.

How does this compare with the way you think about learning?

____________________________________________________________________________________________

____________________________________________________________________________________________

List your favorite financial website, magazine and television program.

  1. ____________________________________________
  2. ____________________________________________
  3. ____________________________________________

Name the last seminar or workshop you attended to increase your financial I.Q.

  1. ____________________________________________
  2. ____________________________________________
  3. ____________________________________________

How did your responses compare with what a wealthy woman does?

____________________________________________________________________________________________

____________________________________________________________________________________________

What will you do differently?

____________________________________________________________________________________________

____________________________________________________________________________________________

Wealthy Mindset

About Opportunities

Wealthy women are continually presented with opportunities. The wealthy women in A Purse of Your Own utilize several of the wealthy habits to help them filter opportunities. They learn from their mistakes and move on rather than vow never to invest again. They know that opportunities come and go; if they don’t catch this one, another will come along. They are patient.

If you think about opportunities like wealthy women, you will see them as choices that are good for you only if they fit your timetable, risk level, and current financial situation.

Wealthy women evaluate opportunities by inquiring:

  • If I take advantage of this opportunity by withdrawing money from another investment will it prevent me from achieving my objective?
  • What type of research will provide me with the information I need to be confident in selecting the best investment option?
  • Is this opportunity aligned with my long-term goals and objectives?

How does this compare with your thinking about opportunities?

____________________________________________________________________________________________

____________________________________________________________________________________________

Write down the most recent investment opportunities that were presented to you.

  1. ____________________________________________
  2. ____________________________________________
  3. ____________________________________________

Did you evaluate the opportunities like a wealthy woman? How?

____________________________________________________________________________________________

____________________________________________________________________________________________

Wealthy Focus

About the Future

Wealthy women are optimistic about their future. They don’t worry because they have prepared for their future. Achieving goals are really just answers to the question of how she wants her life to be, and that the important thing is to have enough money to support her choices.

Wealthy women enjoy life.

  • They spend joyfully today because they have set aside enough for tomorrow.
  • They have a sense of control over their future which enables them to be flexible.
  • They set aside funds for their goals which provides them with options and choices.

How does this compare to the way you think about the future?

____________________________________________________________________________________________

____________________________________________________________________________________________

Write down your top three financial goals.

  1. ____________________________________________
  2. ____________________________________________
  3. ____________________________________________

Have you determined how much you will need, and are you depositing funds into your future?

____________________________________________________________________________________________

____________________________________________________________________________________________

What would you do differently?

____________________________________________________________________________________________

____________________________________________________________________________________________

Wealthy System

About Spending

Wealthy women spend their money on making more money before they spend it on things that won’t make them money. They resist instant gratification and do not make impulsive purchase decisions. They are intentional and strategic about where they put their resources.

Here’s how a wealthy woman makes decisions about spending.

  • What goal will this help me achieve?
  • Will today’s purchase sabotage my long-term goals and prevent me achieving what I really want most?
  • How can I create a system that will allocate my funds automatically to give me the freedom that comes from planning towards the future?

How does this compare to the way you think about spending?

____________________________________________________________________________________________

____________________________________________________________________________________________

Take out your banking or checking account statement. Write down your last three purchases over one hundred dollars.

  1. ____________________________________________
  2. ____________________________________________
  3. ____________________________________________

Did you spend your money like a wealthy woman?

____________________________________________________________________________________________

____________________________________________________________________________________________

What would you do differently?

____________________________________________________________________________________________

____________________________________________________________________________________________

Wealthy Legacy

Whom the Wealthy Woman Trusts

The wealthy woman trusts herself first. In addition to trusting herself, to help her succeed financially the wealthy woman assembles a team to help her protect her assets and pay it forward to future generations.

A Wealthy Woman:

  • Builds her estate: The wealthy woman has an estate-planning team, including a financial planner and an estate-planning attorney.
  • Monitors her progress: The wealthy woman reviews her own progress monthly, and at least annually with advisers.
  • Protects her assets: The wealthy woman protects her assets by having her attorney draw up her will and trust
  • Gets professional advice: The wealthy woman gets her advice from professionals and avoids advice from well-meaning family and friends.
  • Manages her earnings/losses: The wealthy woman uses a tax professional, but keeps accurate and organized records herself.
  • Prepares her reports: More and more investors use computer software to track their money and print out reports other than those prepared by accountants and attorneys.

Who is on your team?

Name of your accountant: _____________________________________________________

Name of Your Financial Advisor: _______________________________________________

Name of your Attorney: _______________________________________________________

Have you built your team? Are they meeting your needs?

____________________________________________________________________________________________

____________________________________________________________________________________________

What else do you need to do?

____________________________________________________________________________________________

____________________________________________________________________________________________

Make a list of the next steps you need to take to adopt the seven wealthy behaviors.

  1. ____________________________________________
  2. ____________________________________________
  3. ____________________________________________
  4. ____________________________________________