Financial Services

Women must keep finding ways to avoid the 'money FOG'


Women who set their mind on something usually achieve great things.

As a female certified financial planner professional and founder of my advisory firm, I enjoy seeing women get excited about achieving financial confidence. They learn to value the role money plays in living their best life. They experience the freedom to build, enjoy and share wealth on their own terms.

Simply stated, the right money mindset makes women an even more formidable force in the world.

One threatening mental block to financial confidence and freedom for women is “money FOG.”

FOG — fear, obligation, guilt — attacks sparkling minds and blocks healthy views on money. Money FOG slows the progress you need to grow, keep and distribute wealth. And wealth is the key for supporting the life a woman desires for herself as well as for those whom she loves and supports.

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Women’s wealth is rising. By 2020, women are projected to control $72 trillion in private wealth. With outpaced revenue growth for women-owned businesses, women can’t afford money FOG. Its potential damage to wealth is too expensive.

Let’s take a closer look at how money FOG clouds a woman’s money mindset and dampens a joyous life.

• Fear: The “Bag Lady Syndrome”— the thought of being homeless and penniless—ranks as one of the biggest money fears for women. Surprisingly, BLS impacts women at all economic levels. It appears in women who question their spending habits and debt levels, the size of their retirement nest egg and the amount of money left to them as a widower or divorcee.

Financial-related news also intensifies fear in women who don’t feel savvy about financial concepts such as investing. Stock market crashes and “Bernie Madoffs” set off mental alarms that often smother their interest in financial literacy.

Real facts — such as the gender pay gap, the lack of gender diversity in the workplace (including the C-Suite), and a low representation of women on corporate boards — also invoke fears of unemployment, job loss and stagnant careers. Sexism threatens to reduce a woman’s chances to earn the money in ways that support her financial and life goals.



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