Take control of your money—and your future
If women can de-clutter, reorganize and update floor-to-ceiling closets, then why shouldn’t we take control of our investment files? Four Canadian money experts answer questions about how to make sure you’ve got what best suits you hanging in your investment closet, and the smartest ways to ensure your financial house is in order.
Robin Taub, 43
Financial coach and chartered accountant, Toronto
A financial makeover expert on Slice TV’s Three Takes, Taub provides easy-to-understand money management advice. She also runs financial workshops for women and couples.
What’s your personal approach to financial planning?
My philosophy is that women should take control of their fiscal future. I’ve always managed things for our family, but I see so many women who don’t deal with their financial affairs until forced to, which is usually at the worst possible time. Plus, it’s empowering to be able to manage your money properly.
With this in mind, what are some basic strategies for women over 40?
It’s hard to typify a fortysomething woman. I have friends who are having their first child, their third child or, like me, have children in middle school. Everyone is at a different stage, but for all of us it’s a time of high spending. We’ve got many demands on our resources: a home, children, recreation. So it’s not how much you make, it’s how much you spend. Everyone can afford to save and be an investor; they just have to get their spending under control.
What’s the one piece of financial advice you would give a best friend?
Make sure your financial goals are in line with your values. If you know what you value, you’ll bring more awareness to your spending and won’t waste money on frivolous things that don’t take you toward your financial goals or your vision for yourself.
Are there personal values you spend money on that others might not?
Last winter we took a family ski trip. This combined two of my values: spending time with my husband and two children, and keeping physically active. A lot of time, effort and money went into that vacation, but it gave me such satisfaction and fulfillment.
What should midlife women clear out of their investment closets?
One of the most important things women should do is literally, physically get organized. Clean out the piles of paper and the shoeboxes. Create a proper filing system so you can determine what you own and where the money goes, because without knowing your current financial reality, it’s hard to plan for the future. Even though this doesn’t sound like a lot of fun, it can be motivating. And once you get started, it’s reinforcing. It makes you want to track your spending — it’s the first step.
