Recent studies on women and money have shown that we are becoming more involved with investing the household money. Despite this, I regularly talk with women who still completely avoid their wealth management. I think many women want to be more involved with their investments, but they just don’t know where to start. I recommend starting simply by becoming comfortable talking and thinking about your money and where it is invested.
Most people, especially women, are still uncomfortable talking about their money. Realize that talking about money doesn’t mean you have to announce your salary or financial net worth to the world; it simply means that you are interested in becoming a better financial steward. It also means that you are part of changing the culture around women and their money. Interestingly, men seem to easily discuss their latest investment find among themselves, although the women may or may not be part of that conversation.
Let’s face it, talking about yield and asset allocation are just not that exciting to most people, male or female, unless they have a passion for finance or investing. I know that I tend to get done what I would otherwise resist if I can make it more appealing, as do most people. Here are 7 ways to do just that; make easing into investing your money more fun.
1. Consider Forming an Investment Club
This is such a fun and easy thing to do to bring women together for the common goal of becoming better financial stewards. You can structure this any way you like, but if you include food and wine, there is a good chance that it will be more fun. More fun means better interest and attendance. I have a friend that actually combines an investment club with a wine club. How cleaver is that?
2. Buy a Latte at the Bookstore
This one is especially good for the hot summer months when you want to escape the heat. It is also a great activity to do with children or grandchildren. Buy your favorite coffee or tea, and browse the investing section of your local book store. If you are lucky, you’ll find an open big comfy chair where you can curl up while you are making your selection.
3. Form a New Book Club
There are some excellent investing books. Form a book club with old or new friends and improve your investing skills. This is such a great way to naturally have conversations about investing. Take turns hosting or meet at your local coffee shop.
4. Go Out to Lunch
Organize a monthly or bimonthly lunch or even happy hour with girlfriends to just talk about money and investing. Invite a local financial expert to join you and share her knowledge. Or you could set up a structure where you take turns researching a topic and reporting back to the group for the next gathering. The topics can be anything from improving cash flow with career changes to each sharing their most lucrative investment.
5. Get a Pedicure
How great is this one? Make an appointment for a pedicure twice a month with the intention of relaxing into one of those wonderful massage chairs for 45 minutes and reading your investing book or favorite money magazine. If you need to get your nails done also, make it an audio. Is your time better spent reading another fashion magazine or a book that will lead to reaching your financial goals?
6. Reward Yourself
Think bribery here. What will it take for you to spend an hour or two a month being involved with your wealth management? Is it a massage, or maybe a shopping spree to your favorite store? Make a commitment to read your chosen financial publication or complete your investing course, and then treat yourself to the reward; Just make sure the payoff happens after the time has been spent improving your financial prowess, not before.
7. Go Shopping
I love this one! This may be because I do love shopping, especially for clothes and home décor. All you have to do is go shopping and pay attention to what is going on around you. You may be wondering what this can possibly have to do with improving your investment knowledge. My answer is everything! (I got so excited about this one that I ended up writing a whole article about it.) When you shop, look around you for clues about the economy, such as the amount of merchandise available, the crowds, and the shopping center. Why is this important? The economy is the strongest factor influencing the value of your investments. It is boring but true, and you probably already know much more about the economy than you realize.
Everyone is motivated by different things. For you it may be hanging out with girlfriends, or it may be the thought of a quiet hour at the bookstore. Figure out what it will take to get you more proactive with your finances, create a plan to make it happen and then do it. Take the first step, and make it one you will enjoy. After a few months, you are certain to feel more empowered having money conversations and taking better steps to reach your financial goals.