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Mistakes Women Make with Money

Written by Posted On Friday, 24 July 2020 05:00

When I was in the mortgage business, I gave quite a few mortgage loans to single women.  I gave mortgage loans to women real estate agents. 

And when I coached mortgage women, I found that some of them were living paycheck to paycheck. Or hand over their paycheck to a spouse or significant other.  Or had credit card debt up the ying-yang.  Or didn’t know how to go about investing for retirement or emergencies.  

Or the story about a woman real estate agent who inherited one million dollars.  She turned over the management of the money to her husband—who spent it all and then divorced her.  

While it’s best to learn about money at home, I am appalled that it’s never taught in schools (grade school, high school, college) either.  

So, I wanted to share some of things women say to themselves when it comes to money.  

1. I’m not good with money – Nobody is born with financial literacy.  It’s something you decide to do—to learn how to manage your money.
2. If I don’t think about it, it will resolve itself – If you ignore it, the money problems will not go away.   Look at your finances weekly in order to create a money plan.
3. I have money goals but never reach them – Instead of saying, “I need to have $10,000 in my saving account within the next 6 months,” set up “mini-goals” on how much you will need to save from each paycheck.  You may find that it will take 12 months instead.
4. I don’t have time to learn about money – Financial literacy is just like studying for your mortgage or real estate license. However, it’s your retirement.  Your emergency fund. Your kids’ college education.  Carve out time to learn about it.  Attend classes.  Talk to a financial planner or CPA. 
5. I really don’t like talking about money – Women learn pretty much everything by talking with other women, right?  Consider talking about it with fearless women who can guide you.
6. I don’t know any successful women money managers – If you didn’t grow up with “money role models,” ask your network and seek them out.  You’d be surprised how willing they will be to help you out. 
7. I want someone else to manage it for me – It could be a spouse or significant other.  A money manager.  A financial planner.  However, it’s YOUR hard-earned money, and you need to manage the manager on a regular basis and keep track of how your money is being spent and saved. 

As Terri Murphy once said, “If you’re going to be a bag lady, make it a Gucci.” 

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Karen Deis

Being in the mortgage business for 28 years, I have personally made all the mistakes a loan originator and a mortgage company owner could have made on my journey to creating a successful lending career.

During that time period, I also owned a mortgage broker company for 9 years. In addition, I owned a CBA with the largest builder in the area, an appraisal firm and a real estate company, and serve as an “expert witness” providing mortgage fraud investigation services.

Due to my sister’s serious illness (she co-owned the mortgage company with me) and my husband’s job transfer, we made the decision to sell the mortgage company and move to Hudson, Wisconsin.

In creating my various websites, I have attempted to give you access to some of the best sales tools and seminars in the mortgage industry today.

Oh, and did I mention that I also make presentations (i.e., Speaker) for private companies, mortgage associations and national mortgage events.

My motto: I don’t want to save the world—I just want to save YOU from making the same mistakes that I have made.


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