A Man is Not a Financial Plan

* Posted with Permission from PurseStrings.co Newsletter, 2024 *

"Whenever we say that, someone laughs, writes it down, or gives it the old, 'Ain’t that the truth!'

And it is the truth, which can be hard to swallow. 

Growing up, we might have heard phrases like 'man of the house,' but times have changed. While it's wonderful to have supportive partners, relying solely on someone else for financial security can be risky. Someone else is holding your purse strings, and you may no longer have control. 

It's about finding that perfect balance between partnership and independence. Instead of focusing on limitations, let's explore empowerment. Here are our three tips for women as we find the middle ground.

1. Remember that no one has your best interest in mind more than you do. Be part of all the money conversations, whether that's with your partner and/or an advisor. You need to know what's going on in the house and with your financial future (hello, retirement!) Your voice needs to be heard in the conversations where financial decisions are being made.

2. Have money and credit in your own name. As a couple, it can be easy to use one credit card or a shared account. However, to ensure you are building credit in your name, have your own credit card and savings account in YOUR name. 

3. Embrace of your power. Women do not have a long history of being allowed financial empowerment. It was just 1974 when women could get their own credit card and bank account. And it took many women to fight for this financial freedom. So, feel empowered that you can hold the purse strings. 

Remember, having a supportive partner is wonderful, but ultimately, you are the creator of your financial future. It's not about needing someone else for their finances; it's about choosing them for the relationship.

Let's make one thing clear: we appreciate and celebrate the incredible men in our lives. They are our allies in this journey towards empowerment. But when it comes to finances, we've got this. You've got this. You are smart, you are important, and you are fully capable of creating your own financial success!"

You can find Josh Newell as an approved resource on pursestrings.co by clicking HERE

Technical Stuff:  

This content is for informational purposes only and is not financial, investment, or tax advice. Investing involves risks, including potential loss of principal. Past performance does not guarantee future results. ESG investments may not be suitable for all investors. Better Pockets Financial is a fee-only Registered Investment Advisor (RIA) acting as a fiduciary. For personalized advice, consult a qualified financial professional.  Reference BPF's website www.betterpocketsfinancial.com for additional information and disclosures.