06
Jan
10

Are You Leading An Unwealthy Lifestyle?

 

Are You Leading An Unwealthy Lifestyle?
by Deborah Owens

There are many people like Tina out there. They need an emotional pivot to establish good habits and begin living a wealthy lifestyle.”

Let’s call her Tina.

She walked into my investment seminar looking for all the world like a Nordstrom model right out of the latest catalog: Coach designer bag, Anne Klein suit, Ferragamo shoes.

For the next hour, she took copious notes as I presented a talk called Investing in Volatile Times. Afterward she waited to speak to me one-on-one, and as we talked, it became clear that this together woman with a great income had one self-destructive problem: an “unwealthy” lifestyle.

“I have worked for the same employer for more than 20 years and saved little or nothing for retirement. And I’ve dated the same man for 13 years,” she said, adding–almost needlessly—that she was basing her financial hopes on her romantic relationship.

Tina had traveled in the wrong direction for many years, but now she was serious about setting her compass on true north. To do that, she’d made an emotional pivot. By that I mean that she’d accurately assessed her finances and her life, and she was ready to change.

Ten years later, Tina is the picture of financial health—approaching retirement with a portfolio well into the six figures. Meanwhile, too many Tina’s are still out there: otherwise smart women needing an emotional pivot to begin the march toward good habits and a wealthy lifestyle.

What primed the pivot for Tina? Her willingness to change the beliefs that held her hostage—the very thinking that could be tying up your future as well. Let’s look at those bad beliefs:
•  Bad belief no. 1:  The right mate equals financial security
To marry for money or for what a potential mate can do for you springs from the false assumption that someone else wants to take care of you now and always. Tsk, tsk: very, very unwealthy of you.

Tina invested far too much of her time in a relationship and on trying to look a certain way, neither of which ultimately bore fruit.
•  Bad belief no. 2:  I’ll wait until…
You still singing the “I’ll wait” song? “I’ll wait until I pay all my bills.” “I’ll wait until the stock market goes down.” When it comes to building wealth, time is the one thing you can never have enough of.

Tina’s song was sapping her time and her income. Finally she grew tired of the waiting game and decided to purchase only the things she really wanted for herself, and to save money to invest in herself. In no time, she had three months of income in a money market mutual fund.
•  Bad belief no. 3:  Managing money is difficult
Over the years and the relationship roadblocks, Tina let several retirement plan enrollment periods pass by. Although she was an accountant, she had associated investing with high risk.

Tina had to learn that real risk is not having the money you will need to retire. And she did learn that. She continued to attend seminars. She traded fashion magazine subscriptions for The Wall Street Journal. Instead of buying Coach bags, she shopped for Coach stock. She learned the language of investing and is confident now discussing her financial strategies with her advisors.

Tina’s story shows that people can escape the fiscal bondage of an unwealthy lifestyle. Her lifestyle changes also show that all good things start with a decision: no one heads toward financial freedom until an emotional and intellectual pivot resets the compass to true north.
Meet the Author of A Purse of Your Own


Deborah Owens passion is helping people of all incomes build wealth. She is a sought after speaker and expert on the topic of entrepreneurship and financial empowerment.

Deborah is the Wealth Coach on My Generation TV which airs nationally in 30 million homes. She is author of “Confident Investing: A Wealth Building Guide For Women” and “Nickel and Dime Your Way to Wealth”. Her new book “A Purse Of Your Own” is scheduled for publication by Simon and Schuster in 2009. (ISBN-10: 1416570810)

Deborah is host and executive producer of “Wealthy Lifestyle Radio” a personal finance talk show that airs on the NPR affiliate WEAA 88.9 FM in Baltimore, Md.

She is sought after speaker and has toured nationally with B.E.S.T. featuring Bishop T.D. Jakes and Magic Johnson, God’s Leading Ladies, Working Women Events and The NASD Office of Individual Investors. Deborah is President of Owens Media Group LLC, which creates financial empowerment programs for companies and organizations.
Deborah Owens Website:  www.deborahowens.com

Purchase A Purse of Your Own today at Barnes and Noble


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