Who do you Trust with your Money?
If you are like most women, it is hard to trust others with your money. Managing your family’s money or your own money is a major responsibility. You guard your money very closely because you know the power of it. It can help you get the life you want for yourself and your family, and take care of you as you grow older. Many women have stories to share about broken or lost trust with their money, and feelings of pain, anguish and remorse. At some point all of us have said “how could I have been so stupid”.
Do you Trust yourself with your Money?
If you have $100 for groceries in your purse, do you trust yourself not to spend it on a new pair of shoes? Trust is a key element when managing your money. You have to learn to trust yourself. Learn more about whether you have trust concerns. Ask yourself these questions:
- Do I trust myself with my money? Why or why not?
- Do I trust others with my money?
- Do I trust my Advisor to make the right choices for me?
- Do I trust my Financial Institution with my money and my future?
Building Trust with Your Money
When your financial future is at stake, there are things you can do to increase your level of trust with people and during a conversation about your money:
1) Rely on referrals from friends and family. Work with people you know. This will help weed out untrusty characters.
2) Seek Expert advice and double check credentials. Ask for References. People must earn your business.
3) Make sure your needs are fully understood and that they are retold to you so that you are certain that your needs are being met.
4) Make sure you are treated with empathy and understanding. This is by far the most important element in any conversation or business transaction.
5) Regardless of who you are talking to about your money, make sure the conversation does not contain jargon or technical terms you don’t understand. You don't want to be wowed. You need to fully understand what you are getting in to.
6) Make sure you fully understand the terms and conditions of what is being discussed or what you are signing. Clarify & Confirm. Ask questions. Don't hold back. If you don't understand something take some time to reflect. Schedule another appointment.
Remember, when in doubt or when your feelings of trust are uncertain, WALK away. Walking away from anything takes courage but you can do it. It may feel awfully awkward to get up and walk out of a situation, but if your future is at stake, you owe it to yourself.
As soon as you trust yourself, you will know how to live. Johann Wolfgang von Goethe
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