Financial independence is about teaching women how to turn their careers into wealth.
In this week’s episode of the Sailing to Success Podcast Show, Lyndsay Phillips interviews Felicia Gopaul. Felicia is dedicated to teaching women how to turn their careers into wealth. She is the creator of Financial Control Mastery and shows women ages 40-60 how to handle their money using a five-step blueprint. She is also the author of the Amazon best seller Preparing for the Five Ds: Divorce, Disability, Downsizing , Disasters, and Death.
MAIN QUESTIONS ASKED:
- Why do we avoid our finances?
- What should our goals be for being financially independent?
- What are the five Ds?
- How do you prepare for divorce financially?
- How should we teach our children about these concepts?
KEYS TO LESSONS LEARNED:
- Most people lack the confidence to manage their own finances.
- Managing your finances is not something that is taught in school.
- Taking control of your finances will give you control in other areas of your life. Don’t defer your responsibility to someone else.
- Financial independence means having a little more freedom in your life.
- Your financial goals are individual to you and depend on what is more important to you.
- Be aware of what your true monthly costs are. Small subscriptions can add up quickly.
- Financial independence allows you to get what you want instead of just what you need.
The Five Ds
- Divorce, Disability, Downsizing, Disasters, and Death.
- The longer you live, the more likely you will encounter one or more of these.
- There is no perfect time to begin preparing other than right now. Start small and create the habit of saving so you can be financially ready.
- You need to understand the important details of your financial situation before you can take control of it.
- Having the right insurance and understanding your rights is key.
- Don’t forget to keep your life insurance up to date.
- Have a savings set aside in the case of being downsized, you may be unemployed longer than you think.
- Your biggest asset is your ability to generate an income, you have to protect your ability to work.
Teaching Financial Literacy
- Give your children exposure to how money works early on.
- Allow them to buy things with their own money.
- Children tend to value the stuff they spend their own money on higher and treat them better.
- Don’t be afraid to talk about money if front of your children.
- Start saving today and get prepared.
- Take control of your finances and take control of your future.
- Don’t wait to teach your children how money works.
- Figure out what your goals are and then make your finances work towards helping you achieve them.
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