In my humble opinion, the way to empower women in the realm of personal finance is through financial literacy. As adults, access to financial education tends to come from three main sources: friendship, education and advising. Some free. Some paid for. Some well-intentioned. Some not. Let’s break down each area and get you educated on the sometimes confusing world of financial education.
Friendship may be from a co-worker or family member helping with common financial topics or “hot tips”. Usually given with the best of intentions, but often not with the most accurate information. Always free…but may be the most costly in the end. Be sure to accept with gratitude, but do your own due diligence before blindly following the advice of a friend.
Education, or coaching, is done with a person whose business is to provide knowledge on personal finance topics. Sometimes this level of education is off the charts amazing and you’ll get access to information at an MBA level. Sometimes this level of education is just a scheme for someone with just a bit more knowledge than you to sell you a monthly coaching program. Be sure to ask about their experience, credentials and own education before you make life decisions based on their teachings.
Advising is different since these people can give specific recommendations to your unique situation using financial products to execute financial concepts. (say that three times fast) These professionals tend to have licenses holding themselves out to the public as being governed by state or federal agencies. Some have the heart of a teacher looking to help build your empire. Some are primarily salesman looking to build their empire. Be sure to ask about how they are compensated and if they offer a wide range of different solutions (ie: products) before you put your hard earned dollars to work.
All three types of financial education are worthy of your consideration, just be sure and choose the one that is right for you!
-kim
Kimberly Enders CFP® CWS©
CERTIFIED FINANCIAL PLANNER™
Enders Wealth Management
38700 Van Dyke Ave, Suite 125
Sterling Heights MI 48312
www.enderswm.com
Securities and advisory services offered through Cetera Advisor Networks LLC, member FINRA/SIPC, a broker-dealer and a Registered Investment Adviser. Cetera is under separate ownership from any other named entity.