Lady Money Teresa Mitchell

This episode is about financial empowerment. Women are set up to under-achieve when it comes to managing money. We’ll be discussing:
• Why is money such an “issue” for women? Women have inherited a disengagement with money. It just seems safer to avoid it!
• Is society partially to blame for gender wealth inequality? Society continues to reinforce the view that men and women have different roles when it comes to money.
• Why is addressing lack of confidence a good starting point? The legacy of disempowerment is a key reason why confident women struggle to be confident with money.
• Embracing the reciprocal nature of money leads to positive change It is not just about accumulating wealth. Financial control actually allows you to give and invest more.

In today’s episode we are going to talk about reaching your potential. And the tool we are going to use is adopting a growth mind set. We’ll be discussing:
• What is a mindset?
• What does your mindset have to do with potential?
• What is a growth vs. fixed mindset?
• Can a confident person have a limiting mindset?
• What is your money mindset?
• How can we adopt a positive money mindset?
A positive mindset that helps us have a better life and more financial control.

This Lady Money episode is about creating a more abundant money mindset. Money Coach, Heather Picard and I discuss what a successful money mindset is and how women can turn a tendency to stress over scarcity into the ability to take financial control and the ultimate goal – life balance and a strong sense of wellbeing.
• Confidence --We delve into the role lack of confidence has in reinforcing a negative money mindset and keeping women from taking action to improve their financial situation.
• Money Attitudes – We talk about how survival instincts can sabotage women’s ability to live their lives in joy and abundance.
• Social Change – We conclude money surprisingly has a powerful connection to the ability of women to make a real difference in the world.
• Next Generation – We celebrate the next generation and our role in making sure they have the financial knowledge and encouragement to reach the potential they choose.

The definition of financial security is “the peace of mind you feel when you aren't worried about covering your basic expenses, unexpected emergencies or your future financial goals”. And in my experience, the blueprint for achieving financial security is a combination of financial planning and financial control. Here are a few tips:
• Live happily within your means
• Take full financial control
• Align your values with your money
• Address end-of-life planning
• Talk about money
Ignoring money or mistaking it for a status symbol or a substitute for personal identity will create a vicious cycle. Either way it will feel like there is never enough.

Women have been programmed to think they aren’t good with money. So, we end up in a – I have to, but I can’t – destructive mental loop. Here are some common financial mistakes women make:
• Lack of long-term planning
• Focusing on the numbers rather than goals
• Underestimating other kinds of risk
• Not recognizing the power of a budget
• Investing too conservatively
Setting goals, creating a plan, and allowing for inevitable contingencies is a better recipe for success.

Women have been programmed to think they aren’t good with money. So, we end up in a – I have to, but I can’t – destructive mental loop. Here are some common financial mistakes women make:
• Lack of long-term planning
• Focusing on the numbers
• Underestimating risk
• Not recognizing the power of a budget
• Investing too conservatively
• Not talking about money (or money attitudes)
• Not addressing end-of-life planning
• Failing to review your plan periodically