Hi fellow DBBs!! Waving enthusiastically!
I am incredibly excited about this post because I have been wanting to write about this topic for quite some time, but I did not know how to fully articulate what I wanted (and needed) to say. I have a lot of opinions, but sometimes I don't do a very good job of articulating them.
All that being said, I think it is time for me to put on my big girl pants and tell you....
It is time to start Empowering yourself and create an EMPOWER fund.
What does that mean?
In short, it is time to start taking some personal responsibility for yourself when it comes to your money and your future. During my own journey of rebuilding my future, my bank account, my retirement and finances (and so much more), I have learned so much and I want to share that with you.
In addition, thanks to my passion and mission to serve and help women, I want my girlfriends to feel confident in the money decisions they make for themselves, their families, and their communities. We can build generational wealth AND live generously and live with purpose.
I love the idea of making women rich, in every way (not just in your bank account).
You may have heard other financial besties call this your F* You Fund. So what I am sharing with you isn't really a new concept, yet there are still quite a few of you (39% to be according to this recent article) who have less than $100 in their savings account, and even less in their checking accounts.
Creating an empower fund is just that, to empower you. It provides a little security. Some breathing room. Should you lose your job or make a career change, having that set aside is helpful, dare I say life-saving and there for you to tap into when you need it. I personally recommend opening a HYSA (High Yield Savings Account) if you haven't already. In fact, many financial experts recommend having an HYSA due to the return you can recieve over a standard savings account. My favorite is with Sofi. You can earn 4.60% in your savings account when you choose direct deposit. YES. PLEASE! That is considerably higher than most banks that offer a savings account.
The key to creating that fund for yourself and your dreams and your families is simply this: Just. Start.
If this is stressful for you, or you don't feel very confident right now when it comes to money, saving for your future, or maybe you find yourself now solely responsible for all the decisions. This could be due to myriad of reasons like divorce, death of a spouse, a move, job loss. You should know that you are not alone. Everyone starts somewhere. I started to pay attention to my finances, and saving for the future when I was going through a divorce. I had no choice. It was up to me, or else I would be in the streets. I could no longer lick the wounds of my broken heart.
I had to toughen up. I had to wake up and I had to get moving.
It is never too late to start building your empowerment. If you are reading this, it is because you are a woman who dreams and a woman who acts. Money doesn't cure all of our problems, but it does provide more opportunities. This is especially true for women. Think of starting to build your empower fund as a way to continue to fuel your dreams and make a way for those to become a reality. Maybe it could be a way for you to fund your favorite charitable organization or community cause.
Maybe you can use those dollars as a way to vote. Money does talk. What could be more empowering than using your money to champion issues that mean the most to you. We can create change by choosing where we shop, where we donate, where we invest, who we support and so on.
Building dreams and building a business isn't free. What is free, though? This advice and encouragment I am giving you. Your fund, while mostly involves saving money, should also highlight your values, your beliefs, your dreams and your next steps. You should have plans for your fund. Life happens, and sometimes we have to tap in to that fund to cover unexpected financial costs, but that is the point. You have a stash that you can tap in to for emergencies! Hurray!
You don't have to max out your credit cards in order to pay for the stresses that life tends to throw at us. Don't get me wrong. Credit cards are not the devil and they are not evil. Use them wisely and with purpose (and pay them off every. single. month!) and they are an incredible tool.
If you are married, or you have a partner, or you have kids, include them in the adventure. Talking about money should not be taboo. Talking about your financial futures and dreams and what you want to achieve and give away should be fun and exciting. I get an absolute kick out of talking with my girlfriends about their goals, their achievements and how they are crushing it in their chosen careers. I love talking about how they can make more money. I am a huge lover of side gigs, so believe me when I say I encourage my friends all the time to find something they enjoy and make a business out of it. This is the fun part!
I want to leave something to my children when I am gone. That means, I have to be smart. That means I have to pull my head up from under the dirt and start assessing my goals and start chipping away at the items on my checklist.
Pay off any lingering debt.
Put away for retirement.
Continue to build my savings.
Learn to invest.
Communicate with my partner regarding our money goals.
Teach my teens about saving and investing and planning for their future.
And so on and so forth.
Same goes for you.
If you have already started building your Empower fund, go you!! Keep going! What's next?
If not, Start TODAY!
We are rooting you on!
Your Dream BuildHer Bestie,
Tiffany Rhea
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