Category Archives: Young Women

Young Moms and Life Insurance

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Life insurance is a product which creates a lot of negative reactions until we really understand what it can do for those we leave behind.   It ranks right up there with other difficult subjects such as end- of -life documents (including wills) and the decision to purchase long term care insurance.

I know this happens because of my past experiences as an insurance agent,  broker, and financial advisor.  It wasn’t until I read the quote below did I find a way to show parents, spouses, and other family member what the real power of life insurance can be.  It’s not a technical conversation, it’s an emotional one.

The author  is unknown because this wonderful quote was one I wrote down when I saw it hanging in a frame on a wall in a bathroom.  It isn’t one I learned in the insurance licensing materials!  Over time it turned out to be the best education tool I have found to encourage people to consider their life insurance needs.  The quote is included in my book Financial Freedom Party for Women, A Little Book about Money for Women.

I hope it will help you reflect on your responsibilities to others.  If you are a young single mom with an infant or young children, you are included in that category.  Sometimes we forget to teach you the value of preparing for the future when just getting by day- to- day can be a challenge.  Life insurance and end-of-life decisions for moms aren’t restricted to certain ages or based on marital status.  These decisions are based on the needs of others.

Life Insurance
Peace of Mind for Turbulent Times

A life insurance policy is just a time-yellowed piece of paper with columns of figures and legal phrases, until it is baptized with a loved one’s tears. Then it becomes a modern miracle – Aladdin’s Lamp. It is food, clothing, shelter, and undying affection. It is the sincerest love-letter ever written.

It quiets the crying of a hungry baby in the night. It eases the aching heart of the one who remains behind – a comforting whisper, in the dark and silent hours. It is a new hope, fresh courage and strength to pick up broken threads and carry on. It is a college education for the son or daughter – a chance for a career instead of a need of a job. It is a parent’s blessing to a daughter on her wedding day.

Author Unknown

Not everyone needs life insurance.  However, everyone needs to consider this product and evaluate whether or not it fits their needs.

Sometimes people get confused and think the goal is to buy life insurance on the child.  The conversation we are having today is about purchasing a term life insurance policy on the life of the mom or other person responsible for the child.

Ask a licensed professional for help and keep it simple.  Sometimes your auto insurance carrier sells term life insurance.  There are insurance agencies in most towns that offer term insurance.  Ask around, you can do it!

 

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Millennials, A Different View on Home Ownership?

 

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Millennial is the name which generally has been used to identify a generation of people who were born in the 1980s and 1990s. Most of us have experienced tales from people of generations who went before us  as they reminisce about “the good old days” while lamenting the loss of the lifestyle of their generation.  For many generations, home ownership has been considered part of the American Dream.  Should we always assume what worked in the past will work now, or in the future? 

Some millennials don’t think so and  are making  non-traditional decisions about their living and housing arrangements.  This interesting article from Zillow.com describes millennials who are opting out of home ownership and seeking other housing options.   Often it is a decision based on financial need, but not always.  It can also be because of a desire for easy mobility, or just being comfortable living in a community-like atmosphere.

Perhaps the  accepted definition of the American Dream is  being rewritten and revised by this generation of consumers.  An interesting concept and a fascinating article.

 

 

 

Before The Kardashians We Had Gloria, Bella, and Oprah!

This is a re-posting of an earlier blog.  Enjoy and please share!

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Today, while channel surfing, I was lucky enough to land on the HBO channel which was showing a documentary about Gloria Steinem.  Lucky because most of the attention on other channels was focused on current media favorites, the Kardashians.

I used to assume that most women know about Gloria Steinem, Ms. Magazine, Bella Abzug, and others in the women’s movement which gained momentum in the 1970s.  Whatever you may have felt, or still feel about this time of great change, the results of the efforts of Gloria Steinem and others around her have had a significant impact on the personal, professional, and financial lives of women.

Recently I have begun to wonder if the young women of today are being taught about powerful and successful women who have helped us to arrive at where we are today.  Have they heard the names of Gloria Steinem and Oprah Winfrey as often as they experience minute-by-minute reporting on the Kardashians?

Gloria Steinem is now in her late 70s and it is understandable that not all young women have studied much about her, yet.  However, I just assumed that everyone who is old enough to watch television or surf the internet would know about Oprah Winfrey.  Not true.  Recently I was visiting with a group of young women who are in high school.  I discovered they really don’t know who Oprah is, what she has accomplished, or even how rich she is.That is interesting since rich is usually something teens care about. This lack of awareness of Oprah was a big surprise.  Fortunately I have listened to Oprah’s story often enough to recite it to them.  After that, I started bringing a few copies of O Magazine so the students could learn more.  In another conversation, I discovered that each of them could immediately identify Kim Kardashian and knew all about the man in her life, Kanye West.  Major reality check for me!

It is exciting that the blogosphere allows the writer to reach out to people of many generations all over the world.  If you are reading this and find that you are clueless as to who Gloria Steinem is, or what she stands for, please just “google her” or even watch her story on HBO.  Perhaps you have only a passing understanding of Oprah Winfrey’s life and accomplishments. Once again, a quick google will teach you a lot. 

I am grateful we are no longer living in the times when Gloria and Oprah were starting out and leading their own special brand of change for women, but I do know it is important to understand the past to appreciate today!

Until next time.

Debra Hadsall

www.financialfreedomparty.com

www.ffptalk.com

A Billion Women

Looking for a very insightful and forward thinking article about women?  Just click here to read from Bloomberg.com an article titled”  A Billion Women Are About to Transform the Global Economy.”

Enjoy.

Debra Hadsall

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www.financialfreedomparty.com

www.ffptalk.com

Oops-I Dinged My Credit Score from onyourown.org

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Nice post and great information from onyourown.org.

If you are just venturing out into the world of  credit and credit cards  please click here for some quick and easy tips which can make life a lot easier.

Enjoy!

Debra Hadsall

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Financial Freedom Party for Women, A Little Book about Money for Women, Workbook Edition is now available at Amazon.com

Why Blog about the Financial Freedom Party for Women?

Knowing that many of you have joined my blog after earlier posts were created, I am going to do some re-blogging.  I ask you considering sharing these with the women in your life.  It is important that those of us who understand financial management share what we have learned with others.  During my financial advisory career I heard often from women who said “nobody ever taught me this”.  That is one of the reasons I created the Financial Freedom Party for Women.  Now is the time to teach our friends, children, and grandchildren.  If we don’t do it, who will? 

My book, Financial Freedom for Women, A Little Book about Money for Women, Workbook Edition, is now available at amazon.com.  Just click here.  Now you can just add a copy of the book to your Amazon orders!!! 

So, starting from the beginning we have some background into why I blog.  Just click here.

http://ffptalk.com/2010/05/14/why-blog-about-financial-freedom-party-for-women/

More to come and thanks for reading and sharing.

Debra Hadsall

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www.financialfreedomparty.com

www.ffptalk.com

What Do You Really Want?

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What do you really want?

As a financial advisor, this is a question I spent a lot of time asking my financial services clients.  The answer to this question is really where all things start in our personal, professional, spiritual, and financial lives.  However, in our sound bite world most people seem to skip the first part of the process and jump over to making decisions and taking action, not always based on a foundation of understanding first  “what I really want”.

What Do You Really Want is also the title of a book  which is targeted to teens and written by Beverly K. Bachel.  I didn’t know anything about this wonderful book until it was shared with me by one of a woman who works on a volunteer project we lead.  Our activities involve some wonderfully talented young women who may not have always had the opportunities we had.  So, the volunteers simply spend some time with the students and teach life skills.  For the high school students who are seniors, Ms. Bachel’s books seems perfect.  It formalizes the topics we have discussed over the last three years and gives them an easy way to roadmap their lives…based on their hopes, dreams, and goals.  It encourages them to focus on what they want, not necessarily what their friends, families, or boyfriends want for them.

As I started planning how to compress all this wonderful information to make it meaningful  in a lunchtime setting, I was struck by how valuable it is for not only teens, but for all of us.  Parts of it mirror conversations and processes which are in my Financial Freedom Party for Women, A Little Book about Money for Women.

I encourage you to check out Ms. Bachel’s book ( mine too!) and consider sharing  it/them with the young people in your life.   Not only will they learn things and have a process to record them, you will probably learn a lot about yourself as you lead them through the book (s).

Until Next Time

Debra Hadsall

logownedy (2)

www.financialfreedomparty.com

www.ffptalk.com

Begin with the End in Mind–End of Life Stuff

I am on a short break from blogging about women and money so I can complete a booklet about creating a concierge service for seniors.  The end is in sight!

Fortunately I have friends and business associates who send me tips about topics which are of interest to all of us. 

One friend is a young woman who is an attorney.  She actually likes legal stuff but knows most people don’t.  She told me to check out the site http://getyourshittogether.org/ . I did just as she told me and found it is a great site to reinforce the need to begin with the end in mind and get your stuff together.

Please take to time to read about the creator’s personal story and to use the information there to push you into action.

Personally I know it is a drag to do all the paperwork and planning.  I just finished putting together a new packet of info with updated wills,  banking information, insurance information and other stuff to give to our adult son …just in case.  As a young person and teenager  I always told him where our important documents were stored in the house.  He used to ask me why he couldn’t have a mom like the ones other kids had.  I told him most moms weren’t financial advisors and hadn’t seen what I had.  As an adult he now gets why all this stuff is important.

Until next time

 

Debra Hadsall

logownedy (2)

www.financialfreedomparty.com

www.ffptalk.com

 

Welfare a Career Choice–Not Really

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There has been a Facebook posting going around recently which says:

 WELFARE ISN’T A CAREER PATH

I hit the LIKE button because there is so much wisdom in so few words. 

Those of us who haven’t experienced welfare as the family business have to kind of step back and see why young folks might envision long time public assistance as the way to make a living.

Children and youth are highly influenced by their environments, parents, or whoever is responsible for raising and educating them.  So, if a young person comes from a family who accepts public assistance as the norm, how will she or he change without learning alternatives and seeing different behavior modeled?  I believe some of this learning needs to be about finances.  How can no earned income and low-income folks do better if they don’t learn the basics?

Over the last few years, I have been part of a team of women who are lucky enough to do life skills mentoring with a small group of young women who are in high school.  Some of the students come from home situations which involve parents who work many hours at low paying jobs, or who rely on some level of public assistance.  Geographically, they live in an area which has pockets of poverty and an overall cultural acceptance of pregnancy in teens. 

We feel lucky.  These students are smart and willing to learn.  This year we included an enhanced focus on teaching sound bite pieces of financial information.  Topics were as basic as understanding a checking account, using a debit card, or how the little print on credit card applications needs to be carefully understood.  The students read short quotes from my book, Financial Freedom for Women®, A Little Book about Money for Women, and from other writings.  One afternoon we bravely did a short segment on stocks, bonds, and mutual funds.  As with adults, some were interested and some weren’t.

We learned that the concept of saving (except for  purchase of an iphone) was pretty much a foreign idea in general, and that retirement savings and even being able to retire at all were totally unheard of in their community. And for now in this economy, it’s pretty difficult to show how interest can work for you (make your savings grow) instead of against you (credit card debt & student loans). As always, tiny bites work well for everyone.

At the end of the school year we offered to give each student a copy of my book at no cost.  We suggested not asking for one if it was just going to get pitched into the trash (always a possibility with anyone and financial books).  Big surprise, they all signed up to get copies.  It was exciting to know that this group of students has access to basic financial information which teaches about a life choice of creating income and the value of investing.  Will they all read and learn, hard to tell.  At least we took a chance on each other. 

I’m hoping that someday my Facebook page will show postings from one or more of these young women which read something like this:

  MC910215909 I OPENED A ROTH IRA

  MC910215909 I BECAME A FINANCIAL ADVISOR

  MC910215909 TODAY I BOUGHT LIFE INSURANCE

Then I will hit the LIKE button again and again!

Until next time.

 

Debra Hadsall

www.financialfreedomparty.com