Women & Wealth

A Sneak Peek into The Women’s Wealth Weekend

Written by Barbara Huson

I’m ready to throw back the curtain a bit, give you a glimpse of what I have planned for my Women’s Wealth Weekend: The Awakening.

I promise, you have never attended an event like this. I’ve been wanting to do this for years.  I finally worked up the courage to take you on a unique Metafiscal journey that answers an important question:

Why are a small minority of people, the top 20% (what I call the Enduring Affluent), able to not only create but increase their wealth, over long periods of time, despite often significant setbacks?

This weekend is not about fixing you or changing you. It’s about waking you up to the truth of who you are, the power you have to literally move mountains, as women.

My intention is to challenge your thinking. I have only one request. Come with an open mind—willing to accept that much of what the world has taught you, much of what you’ve learned about who you are, could be wrong.

Here’s the sneak peek into the agenda for this special event:

Day One: Friday

The amazing Amanda Steinberg, founder of DailyWorth.com & WorthFM, will talk about your money type…what really motivates you to wake up financially.

Find out which type YOU are at www.moneytype.me. You may be surprised…you will absolutely be enthralled, by her eye-opening talk. Then we’ll have dinner together in a private pavilion.

Day Two: Saturday
 
You’ll dive deep into Power Training. Not as the world defines power. But as the Awakened understand it: Mind Training. You’ll learn a simple but profound 3-step process for harnessing the power of your mind to create the wealth you desire and the life you deserve.

Day Three: Sunday

You’ll learn about Wealth Creation, but, again, not as the world teaches it. You will be infusing spiritual wisdom and personal insight into basic wealth building principles.

 

Day Four: Monday

On the final day you’ll create an individualized plan for moving forward as an Awakened Woman. And you’ll learn about options for follow up support. We’ll conclude with a farewell lunch.

As a Chinese proverb says:  “When sleeping women wake, mountains move.” It’s time to wake up. This crazy world needs Awakened Women. So that we may go out and help awaken others.

If you are ready for the Awakening, I urge you to click here to register today. And, don’t miss out on the special VIP package—it disappears this Thursday, September 8th.

 

Woman with Financial Plan

Gotta Plan?

Written by Barbara Huson

I vividly remember a woman in one of my classes who stood up and proudly announced that she had maxed out her 401(k) and had a hefty portfolio outside her retirement. She’d been buying stocks based on the recommendations of her cousin who worked at a brokerage firm.

She had a right to be proud. But when I asked if she was following a plan, she looked bewildered.

“How do you know if the portfolio is properly diversified for you?” I asked. “How do you know if you’re taking too much or too little risk?

I then explained the difference between gambling and investing.

Picking stocks or bonds haphazardly, following a hot tip or purchasing the hottest fund, trying to time the market (buying when it’s high, freaking out and selling when it plunging), or just simply deferring investment decisions to another and turning your back…that’s gambling.

Investing, on the other hand, is a means to an end. The whole point of investing is to put together a portfolio that ensures you meet your goals.  If you don’t have some sort of idea of where you want to end up, it will be far more difficult to make the right choices.

A  good financial plan addresses three questions: Where are you now financially? What are your goals (short term and long-term)? What do you need to do to achieve your goals?

Once you identify the gaps between where you are now and where you want to go, you can create a realistic game plan with the right mix of investments based on your time horizons, budgetary restrictions and risk tolerance (how much volatility can you stand and still sleep at night).

Sure you can do this on your own. But my advice: Hire a fee-only Certified Financial Planner or a financial advisor you trust.

If you enjoyed these “Words of Wealth”, head over to my website and sign-up for my FREE weekly newsletter at: www.barbarastanny.com

Diversify your basket

How Many Baskets Do You Have?

Written by Barbara Huson

I saw a cartoon that cracked me up. A financial advisor sat on one side of the desk.  The Easter Bunny, with a big basket of eggs, on the other. The advisor, leaning forward, warns the bunny: “Never put all your eggs in one basket!”

The advisor of course was giving his client the classic admonition: Diversify! Diversify! Diversify! Or put your money (eggs) into many different baskets.

You can significantly minimize risk by spreading your money out among the five asset classes:  stocks, bonds, real estate, cash and commodities. Every asset class can be further divided into sub-classes.

The idea is that different asset classes, or sub-classes, react differently to various conditions and time periods. It doesn’t always work that way. Sometimes a turbulent sea sinks all ships.

But for the most part, diversification protects your overall holdings.

In fact, studies indicate that diversification accounts for 93% of a portfolios’ overall performance; 2% comes from stock picking; 3% from luck.

Two percent from stock picking!!! We make ourselves crazy trying to find the best companies, when we should be putting more energy into making sure we’re properly diversified over numerous categories

If you enjoyed these “Words of Wealth”, head over to my website and sign-up for my FREE weekly newsletter at: www.barbarastanny.com

Stock Market Chart

A Very, Very Painful Lesson

Written by Barbara Huson

My first big mistake came with my first foray into the market. It was 1986. I hired a financial advisor and gave him the little money left after my divorce. He’d send me the monthly statements, but I tossed them in the trash, unread.

Then, October 19th, 1987, the market crashed with a vengeance… the biggest market crash since the depression. I called my broker, told him to sell everything.

He begged me not to.

“Barbara, the market will go back up. It always does,” he assured me. “And you’re going to have capital gains taxes to pay.”

I didn’t know what capital gains taxes were, but it didn’t matter. I wanted my money out where it was “safe.” Big, fat, awful mistake. The market went back up and very quickly.
 
That fiasco taught me well. In the 20 plus years I’ve been investing, despite living through at least 8 crashes, not just correction (when market falls 10%) , but full on crashes (when the market plunges 20%), I’m proud to say, I’ve done very well for myself. Instead of panicking, I stayed the course.

The next time the market plunges, if you tend to panic, let me give you some sage advice. Turn off the TV. Unplug the computer. Don’t look at your investments. Ignore the naysayers. Get a massage and remind yourself that the market will go back up…because it always does

If you enjoyed these “Words of Wealth”, head over to my website and sign-up for my FREE weekly newsletter at: www.barbarastanny.com

The World’s Simplest Savings Plan

Written by Barbara Huson

Let me see a show of hands. How many of you promised yourself you’re going to save more. You really want to. But your savings remains minimal to non-existent.

I can understand if your hand went up. It’s easy to say that you’ll move money to savings but in practice, it often doesn’t happen. You forget; you overspend; you have a hundred excuses.

But that’s because you haven’t discovered the simple secret to amassing significant savings…easily, mindlessly.

Automate.

Every month, have your bank automatically transfer a certain amount of money (no matter how small) from your checking account to your savings account. All you have to do is fill out a form and it’s done. So simple.

What I love about this—you don’t miss what you don’t see.

If you enjoyed these “Words of Wealth”, head over to my website and sign-up for my FREE weekly newsletter at: www.barbarastanny.com

Interesting Image

Ain’t Never Too Late!

Written by Barbara Huson

I was on a book tour, giving a yet another speech. But this one I’ll never forget because of what happened afterwards.

An older woman, leaning on a cane, waited patiently to purchase a signed book. She was 84 years old, she told me when it was finally her turn, and had been married to a very wealthy physician. He was always on the phone, yelling at his broker, which made her very uncomfortable. So she let him handle all the finances.

Ten years ago, he died. He not only left her no money, but all his investments were on margin (he used borrowed money), so he left her saddled with debt.

Before the shock even wore off, she said, she found a financial advisor, started taking classes, learned about investing.

“I’m a very wealthy woman today,” she told me proudly, announcing she’d just returned from a round-the-world cruise.

In one of those crazy coincidences, I bumped into her 7 years later. She had just turned 91. When I asked how she was doing, she responded with what I could only describe as a devilish grin: “I’ve done better in the market than any man would’ve done for me.”

It’s never, ever, ever too late to start!

The Real Meaning of “Risk”

Written by Barbara Huson

Ask a novice investor to define risk, and most will say losing money. They look at market fluctuations and all they see is the likelihood of loss.

An educated investor, however, looks at those same market fluctuations and sees opportunity for gain.

The truth is, our biggest financial risk is not market volatility. Our biggest risk is to do nothing at all.

Sure the market’s ups and downs are scary. But you can dramatically cut your losses with due diligence, a long term approach, and good diversification.

On the other hand, if all your cash is sitting in the bank, your purchasing power will shrink like a wool sweater in a hot dryer.

At least a portion of your savings needs to be in assets that grow faster than inflation and taxes eat it away.

Otherwise your greatest risk, as a woman, is that you’ll outlive your money.

Respect for Money and Women and Wealth

Hey, Let’s Show a Little Respect Here!

Written by Barbara Huson

Money is a lot like a good man. Its greatest desire is to serve and support you. In return, all it requires is to be respected and appreciated.

You respect money the same way you would anything else you value, be it a work of art, a treasured friend, or cash in hand.

If you want it to last, you’ve got to take care of it. Throw it around carelessly or ignore it completely and guess what’s going to happen?

How do you respect and appreciate money? Follow the Four Rules of Money:

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Mindset and Inner Work of Wealth

Watch What You Say

Written by Barbara Huson

Language is powerful. There is a direct correlation between the words that you use and the life that you have.

Words tend to become self-fulfilling prophecies, so watch what you say.

  • Talk about what you’re committed to (i.e. financial freedom), not what you’re worried about (spiraling debt).
  • Stop apologizing unnecessarily or belittling yourself in any way.
  • Tell people what you want and have them hold you accountable.
  • Change the conversation going on in your head, the little voices telling you what you can and can’t do, urging you to play small, be safe, hold back.
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Note to Financial Advisors: 5 Powerful Insights into How Women Think

Written by Barbara Huson

I truly believe the best way for women to create wealth is by working with financial professionals. But, according to the Wall Street Journal, “fewer than one in five women currently has an advisor.”

Why? Because women can’t find anyone who understands them.

Advisors are talking to women just like they do men.  Big mistake.  True, money knows no gender. Women, however, are very different from men. Yet the financial world is based on the male model of communication.

Here are 5 powerful insights into how women think:

1) Women are all about relationships. Women are ‘other’ oriented; men are transaction oriented. Women communicate to create relationships and make connections. Men communicate to obtain information, establish status, and show independence.  These are 2 very different conversations.  The message women want to hear: “I care about you. I understand you. I’m here to support you.” How? Ask lots of questions about her goals, dreams, time frames, life style, opinions, her life in general. Listen more than talk. Find out what she needs, not what you think she needs.

2) Women can be very emotional when it comes to money. But in the financial world, conversations about emotions are considered taboo, too touchy-feely, not part of the financial planning process.  Really big mistake. You don’t need a degree in psychology. But you do need to invite her to discuss her fears, her beliefs and her family’s attitudes toward money. Often by simply listening her issues, addressing her qualms while explaining her options can be enough to get her past her emotional blocks.

3) Women want to be educated. Men like to learn through trial and error. Women like to be taught. In a study by Deloitte Touche,  90% of the women expected their financial advisor to educate them. They even rated service, advice and education far ahead of performance.  What’s one of the best ways to educate women? Seminars. Why?  According to an Emory University study, “the pleasure and reward centers of their brain light up if they can work towards their financial goals in a cooperative way with other women.”

4) Women define success differently than men. Men define success as being in control; women as how well they can help others. The financial media, and the industry itself, seem to believe that scary statistics, alarming statements, and worse case scenarios will actually motivate women.  But clearly fear tactics haven’t worked. Instead, talk to her about how investing allows her to experience the joys of philanthropy, the thrill of leaving a legacy, the satisfaction of helping people she loves and causes she’s passionate about.

5) Women clients tend to be more time consuming, especially at the beginning. Women expect more service, ask more questions. But she’ll be your client for life if she knows you are there for her, as her partner, a part of her team, an advisor she can trust. In my 1st appointment with Eileen, my long time advisor, she told me: “My job is to see your needs are met. It’ll take time but I need to find about your goals and level of risk.” And she did. Then she gave me choices. “I see myself in partnership with you. Here are your choices. Let’s discuss each of them and figure out what is best for you.”

I participated in a tele-seminar discussing these very points at length. I believe you’ll find it exciting and informative. Click here to listen.

Meet Barbara Huson

When a devastating financial crisis rocked her world, Barbara Huson knew she had to get smart about money… and she did. Now, she wants to empower every women to take charge of their money and take charge of their lives! She’s doing just that with her best-selling books, life changing retreats and private financial coaching.

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