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5 Steps All Women Can Take to Reach Financial Security

Why You've Got to Listen to This Episode...

In today’s episode, I’m talking with Jean Chatzky, a long-time financial journalist, who created HerMoney Media—an extension of her successful HerMoney Podcast—to encourage more women to embrace the sometimes uncomfortable topic of money and how it can be used to help them live less stressed, more purposeful lives.

Jean will share with us her 5 simple, but very important, steps that all women need to take to reach financial security. After listening, you’ll have learned the importance of earning a decent living, spending less than you earn, how to tell if your retirement is on track, and so much more. Reaching financial security is possible, and this episode will show you just how simple it can be for you.

Moments You Don't Want to Miss

  • [07:01] Jean’s 5 basic steps that all women need to take to reach financial security
  • [09:23] Why it might be a good idea to stay in the workforce even if child care is eating up most of your salary
  • [22:08] Jean shares her experience and opinion on whether or not real estate is still a good option for investing your money
  • [32:41] How you can decide how much is enough to save when it comes to your complete investment portfolio that secures your retirement
  • [37:06] How to use an allowance system as a tool to teach your children how to make smart choices with a limited resource
  • [45:38] Chelsea’s Top Takeaways

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Key Takeaways on the Steps to Take to Reach Financial Security

Jean shared so much helpful information in today’s episode. We’ve rounded up our top three takeaways to highlight the most important insights you can apply as you work towards financial security.

1 - Pay Attention to How Much You Earn & What Your Earnings Power Truly Is

We’ve discussed before how you can’t out earn your money problems. But that doesn’t mean your money issues—getting out of debt, saving for retirement, etc.— aren’t a heck of a lot easier to solve if you have a good income.

We all need to earn money to pay the bills, afford the things we want, and have security.

So negotiate job offers or ask for a raise. Research what other people with your skills and in your position make. Start a side hustle to diversify your income. Have a sense of what you could do or how you could make money if you lost your job or got divorced.

Make sure you’re earning what you deserve.

2 - Get Clear on Your Spending Values

What matters to you might not matter to me.

But as Jean mentioned with her story about her friend Michael, what you think matters might not be the root of it. Michael and his wife thought they loved fancy dinners out. But what they really loved was quality time with their friends. Going to cheaper restaurants cut their expenses but kept the same level of joy.

Spend some time tracking your expenses and journaling about how they made you feel, like we do in our Thriving Money Planner. The clearer you get on what’s important to you, the more expenses you can cut without it feeling like a sacrifice.

And that extra money can go to the things that you do value and help you save for your future.

3 - Ask Lots of Questions & Don’t Be Afraid to Talk About Money

Speaking up and asking questions means we can learn from the knowledge of others, make fewer mistakes, and simply feel less alone in the tough moments of handling our money.

Money doesn’t have to be a taboo subject. It’s part of every one of our lives, and we aren’t born knowing all about it.

If something doesn’t make sense to you, find a professional—or someone ahead of you on the journey—and ask. Send your best friend an article or podcast episode about money and ask them what they think.

The path to reach your goals will feel easier with support and encouragement.

Links & Resources Mentioned

Connect with Jean

Jean Chatzky launched HerMoney Media and HerMoney.com in 2018 to provide women with information about money they can actually trust. The award-winning financial editor of NBC Today, Jean has also appeared on shows including Oprah, MSNBC, CNN, The View, The Talk and many others. Millions have tuned into her podcast, HerMoney with Jean Chatzky which has received shoutouts from The New York Times, Yahoo Finance and Refinery29. The best-selling author of 11 books and an in-demand motivational speaker, Jean is also AARP’s Financial Ambassador and a fierce advocate for financial literacy. In 2015, she partnered with the PwC Charitable Foundation and Time for Kids to launch Your $, an in-school magazine that reaches 2 million school children each month. Her most recent book, Women with Money: The Judgement-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and Yes, Rich) Life You Deserve, is available now.

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