Three keys to developing confidence in managing your personal financial needs

It can be difficult to know where to start when taking on new financial responsibilities, either by choice or by outcome

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You may feel as if your world has been dragged under your feet when life changes unexpectedly, through the loss of a loved one, a broken marriage, the break up of a family business or an unexpected illness. Over the past 25 years as an investment advisor, I have become a safety net for many professionals to help a family or individual in difficult times.

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Working with women in a variety of situations, from a mother with two children at home, whose high school sweetheart never returned from a bike ride, leaving her in a mountain of debt, her unhappy marriage to a woman in the sixties who dared to leave is still a financial decision in her life. No, I understand that financial confidence is not innate.

I am often asked “Where do I start?” When clients take on new financial responsibilities, either by choice or by outcome. These women have boldly committed themselves to learn a new language and a new way of thinking, the burden of their family dreams and goals is now on their shoulders. To dampen a seemingly adventurous journey, I begin by guiding them through the following:

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Be empowered

Determine what financial freedom looks like for you. Is it able to pay your bills and save? Is it selling your business for 10 million in eight years?

Be self-taught

Make a financial plan and take the time to understand it. Having an idea of ​​your financial position will give you peace of mind when you are in the driver’s seat.

Gather your team

Surround yourself with professionals who will listen and understand your needs. Your team will make your plans clear and hold you accountable for achieving your goals.

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It is incredible to witness my clients gain the confidence to be financially self-sufficient and reaffirm why I chose this as my lifelong career.

We have come a long way in tackling the social stigma of women and money, but we still have a long way to go to take control of our financial well-being. Gaining financial confidence is a significant part of that journey.

Katherine Finn is a portfolio manager at RBC Wealth Management.


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