Why every woman Must read their man's bank statements.

 
An interesting article, please read and share your thoughts

Why every woman MUST read their man's bank statements (but not for the reasons you think)

Rarely am I lost for words — but that’s exactly what happened a few weeks ago when I was at a networking event with top businesswomen and the talk inevitably turned to money.
‘My 25-year-old daughter’s got it all worked out,’ laughed one woman, a lawyer. ‘She’s going to marry a wealthy man and be taken care of.’
Seeing the look of shock on my face, the woman continued: ‘Oh she’ll  earn a bit of her own money of course — she’s a doctor — but she reckons having a wealthy husband is what it’s all about.’
I was flabbergasted. Have we women learned nothing over the past 50 years? Do we still buy the fairy story that a knight in shining armour is going to land in our lives, generously brandishing a gold card and stock portfolio before building a pension plan to keep us afloat in our old age?
I speak as a happily-married woman who does not hold particularly ardent feminist views. But I am a financial adviser who’s seen far too many feckless husbands leave their financially naive wives penniless. 

That’s why I tell every woman, whatever her age or marital status, to get a plan — not a man. That really is the only way to ensure your own happy ending in life.
It is also why I have written a book, The Wealthy Woman, on how to gain financial independence.
I have my own mother to thank for the fact that I have always made and looked after my own money. I was seven and growing up in leafy South London when my mother Bridie told me how she bitterly regretted not being independent.
‘Never let yourself be dependent on a man,’ she used to say with conviction.

Mum was just 23 when she married my father Sean, a surveyor, in 1955. She was training to be a nurse but gave up any career plans and never worked again.

But she ended up regretting the fact that she let her husband take care of all matters financial.
My father — who died of a heart attack in 1993 aged just 61 — wasn’t mean but he was very old-fashioned. He gave Mum an allowance for housekeeping every week and nothing more. She even had to ask permission to buy me or my two brothers a present or to let us go on a school trip.
‘Earn your own money and then you’ll never have a man tell you what to do,’ my mum used to say bitterly.

I don’t understand why so many women have such a problem with finance. Most are terrible at saving and put their men and their children first, totally forgetting to take care of themselves.

TAKE CONTROL OF YOUR FINANCES: HERE'S HOW...

KEEP A MONEY DIARY
Where’s your money really going? Most of us spend to the maximum every month but haven’t a clue where it all goes.
For the next three months, record every penny you spend. Keep a notebook in your handbag so you can jot down every coffee or glass of wine.
Add on all your direct debits. Once you know where your money goes each month, you can make changes. Was that N5,000 meal at the local brasserie really worth it? How about renting a DVD rather than going to the cinema? Even small changes can make a huge difference over a year.
FIGURE OUT YOUR WORTH
Know your worth. It will help you plan for the future.
List all your assets — your salary, your house, car, pension, investments. Then deduct everything you owe. The final figure is your net worth.
Surprised? Now plan where you want to be in January 2015.
Be realistic. If you are worth N4,00,000, you can’t suddenly jump to N13,000,000. But you can improve significantly by pushing your earnings or cutting your debts.
PAY OFF CREDIT CARDS
Pay off credit card bills as quickly as you can.
The less you pay each month, the longer it will take to clear the debt and the more you pay overall.
THE SAVINGS SNOWBALL
Get in the savings habit. Savings increase incrementally.
There’s a story about the two sons given an inheritance by their father. One took £1 million; the other asked his father to put a penny in his bank account and double the amount in the account each day for a month.
After 31 days his account held £10m. Start small and savings will add up. If you invest N5,000 a week on the stock market, you could hand your child N10M at 18.
ENJOY FEELING WEALTHY
Enjoy your money. If you tell yourself you’re scared of figures, you will never take control of your finances.
So go through all the year’s bank statements, then look at your savings accounts and check to ensure you are getting the best return on your money. 

What's your take?










By Mary Worthing