Category Archives: Women and finance

Do You Need a Prenup?

February 25, 2013 11:27 amLeave a Comment

So you’ve found the love of your life and now you’re planning the wedding of your dreams.  Everything is blissful  with your future spouse and you can’t imagine life without this person, but in the back of your mind, you’re still wondering

“Do I need a prenup?”

A lot of women these days want to know if it is financially smart to get a prenup.  While every situation is different, I thought I would bring on Allie Weinstein, attorney and owner of Law Offices of Allie Weinstein to share her thoughts about prenups on this week’s Ask the Expert.

Listen to Family Law Attorney Allie Weinstein share her thoughts about prenups.

Video: Do you need a Prenup?

Cheers!

Brittney Castro

 

Brittney Castro (CFP®, CRPC®, AAMS® ) is Los Angeles based Certified Financial Planner specializing in helping women achieve their financial goals. She is author of “Financially Wise Women” and is a featured contributor here at the CIF blog.

 

Posted in Brittney Castro, Divorce and Finance, Featured Contributors, Singles and Finance, Women and Finance

What Negative Money Beliefs are Holding You Back?

January 9, 2013 11:33 amLeave a Comment

I recently did a call for the SheBrand community (thanks, Liz!)where Liz and I talked all things women and money. One of the topics we talked about on the call was how women can uncover the negative money beliefs that may be holding them back, and then change them as a way to improve their financial lives.

You see, so many of us are holding onto beliefs about money that aren’t serving us, and we’re probably not even aware of it. For example, it wasn’t until recently that I realized I had my own limiting beliefs about money. I had the belief that I didn’t have enough money lingering in my subconscious, even though I thought I was operating within an abundance mentality. Growing up, my parents did a great job of living within their means and saving for the future, but they often also operated under the belief that they didn’t have enough money. This negative belief was the primary driver for them to constantly budget and watch where every dollar went. And while my parents have done an incredible job of maximizing their financial situation and achieving their goals, along the way I picked up this same scarcity mentality with money. It wasn’t until I had a deep conversation with my business coach that I realized that this false money belief was preventing me from getting to the next level in my own financial life. So once I got clear that this negative money belief still existed, I decided to change it.

Here are seven tips to help you change any of your own negative money beliefs to positive money beliefs, thus creating a healthy money mindset.

  • Explore the money beliefs of your past

Start by asking yourself what you were told about money growing up. Were your parents constantly complaining about there not being enough money and saying things like,

“We don’t have enough money” and “Money is the root of all evil”? Or did they focus on having an abundance mentality, saying things like, “There’s more where that came from” and “We live in an abundant world”? You can see how these statements can lead to different money beliefs, and it’s critical that you discover the money beliefs you were raised with.

  • Accept your current money beliefs

Often when we explore our past, a lot of stuff can come up, some of which can be very difficult to deal with. Emotions such as blame, shame, guilt, etc. may arise, but you have to remember to accept your past for what it is: your past. Forgive yourself. Forgive your parents. They did their best. It’s now up to you to take responsibility and change any money beliefs that you’re not happy with.

  • Let go

Decide what money beliefs you want to keep and which ones you want to dump. Understand that most negative money beliefs are false ideas anyway. The idea of scarcity is false, as we live in an abundant universe. There is always more. So let go of any statements that no longer serve you and decide to operate from a place of truth.

  • Stay aware of your thoughts

Once you recognize your negative money beliefs and decide to dump them, it doesn’t mean they’ll never come back. You’re human, after all, and so those thoughts will always be there.  You just have to commit to staying aware of them so you can recognize any negative ones as they arise and immediately change them. Practicing daily money affirmations can help with this.

  • Visualize the outcome you want

Take time to visualize the outcome you want in your financial life. For example, if you want to create an abundance mentality, visualize yourself with enough money in your bank accounts, zero debt and your desired income. The more you visualize what you want to happen, the more likely you’ll be to take the necessary steps to make it a reality.

  • Practice how you’ll feel once you have the outcome you want

Using the example above, once you have enough money in the bank, zero debt and your desired level of income, how will you feel? Happy, calm, excited? Whatever the feelings, start practicing them now when you deal with your money. Feelings are magnetic, and the more you practice how you want to feel with your money, the more you will actually start to feel that way.

  • Stay committed

Changing your money mindset is no easy task, and it’ll take a lot of work. But this is your financial future we’re talking about, so why wouldn’t you want to put in the work? Remember that money is only a tool to create the life you want, and that life is definitely worth it. So stay committed!

We all have the power to change our beliefs about money. It just takes the commitment to do so. I truly believe you can create a healthy money mindset, and I encourage you to start today. Here is a quote to help you on your journey toward creating a positive money mindset:

“A belief is only a thought you continue to think. A belief is nothing more than a chronic pattern of thought, and you have the ability–if you try even a little bit–to begin a new pattern, to tell a new story, to achieve a different vibration, to change your point of attraction.”

–Esther Hicks, best-selling author and speaker.

Brittney Castro

 

Brittney Castro (CFP®, CRPC®, AAMS® ) is Los Angeles based Certified Financial Planner specializing in helping women achieve their financial goals. She is author of “Financially Wise Women” and is a featured contributor here at the CIF blog.

Posted in Behavioral Finance, Brittney Castro, Featured Contributors, Lifestyle, Psychology of Money, Women and Finance

Why Aren’t More Women Working with a Financial Planner?

December 19, 2012 3:51 pmLeave a Comment

Only 20% of women investors have a financial planner, but 70% would like to work with one. 1

Say what?  I know what you may be thinking: Why is there still such a gap disconnect between the women who have a financial planner and the women who want a financial planner?  How can 70% of women want to work with a woman financial planner—and yet only 20% actually work with one?

Well, in my opinion, the disconnect lies in this fact:

  Only 7.9% of all financial advisors in 2012 are female.2

I believe that women want to work with a financial planner, but are not connecting to those out there because the majority of them are males.  How do I know this?  Because women tell me all the time how they don’t relate to or connect with the male financial planners they’re working with (or have worked with in the past).  That’s why they come see me.  Now, I’m not saying that women can only work with women financial planners, but from personal experience I do know that most male financial professionals do not communicate with their female clients effectively.   In fact, I see this all the time—women clients are left feeling confused, misunderstood and judged. Even I feel this way, and I’m in the industry!  I’m starting my seventh year as a financial planner and I’m still amazed at how old school the industry really is.   When I attend financial conferences, I’m one of only a handful of women financial planners, and I’m usually always the youngest.  I stick out like a sore thumb.   I feel the same judgments and miscommunications many women feel when they finally decide to start working with a financial planner.

These miscommunications are the main reasons I believe there is still a giant gap between the women who have a financial planner and those who do not.  The good news is there is a huge movement within the financial industry to change the way financial institutions and professionals do business and communicate with their female clients.  I actually find it entertaining to watch all these financial institutions roll out their women’s marketing campaigns and train their employees on how to deal with their women clients, as if we women are something new.  Um, hello?  We’ve always been around, making most of the household financial decisions–in fact, 83% of household decisions are made by women.3  The only new part is that the financial industry finally realizes how much power the women’s segment truly holds.  Women have the power and ability to effect a lot of change in the world, especially since they now control about 60% of America’s wealth.4   So this evidence now proves to the financial industry that pleasing its women clients is extremely important, almost mandatory, if it wants to keep their business.

So how does this all impact you?  Well, if you’ve been holding off on working with a financial planner because you were scared they wouldn’t “get” you or afraid you would feel judged, decide to join the movement today and demand more.  You can do this by seeking out someone who does get you and does understand where you’re coming from.  Find a financial planner you can relate to and feel comfortable with, and who doesn’t make you feel dumb or stupid for asking too many questions regarding your financial goals and concerns.  Join the 20% of women who are working with a financial planner to gain control of their financial lives and create the life of their dreams.  You can even request a FREE Discovery consultation with me to see if I’m a good fit for you.  You have nothing to lose.  I will not judge you;  I’ll only do my best to help you, whether that’s by working with me or someone else.  Come on.  Decide today. Make the first step and request the consultation now.  I look forward to meeting with you soon!

Brittney Castro

 

Brittney Castro (CFP®, CRPC®, AAMS® ) is Los Angeles based Certified Financial Planner specializing in helping women achieve their financial goals. She is author of “Financially Wise Women” and is a featured contributor here at the CIF blog.

Posted in Brittney Castro, Featured Contributors, Financial Planning, Singles and Finance, Women and Finance

The Art is the Space Between

December 10, 2012 9:52 amLeave a Comment

“Right now, and in every now-moment, you are either closing or opening. You are either stressfully waiting for something–more money, security, affection–or you are living from your deep heart, opening as the entire moment, and giving what you most deeply desire to give, without waiting.” –David Deida, author and teacher.

Last month I was busy doing a lot of goal-setting for 2013. Call me crazy, but I believe October is a great month to start planning out next year’s goals. I have big dreams for 2013, in all areas of my life, and when I think about all I want to accomplish I get really excited—and then bam. I come back to reality and instantly begin to feel really uncomfortable. Has this ever happened to you before–you think about the future and get incredibly excited about all that is coming, and then fall back to a place of extreme discomfort and pain?

When I was in Japan a few years ago, I went to the Ryoanji temple in Kyoto, which is considered to be one of the finest examples of a rock, or Zen, garden.  The temple is an enigmatic arrangement of 15 rocks clustered in a way that one can see no more than 14 from any single angle. Being the naïve American I was, I had a hard time understanding how this rock garden was considered a temple and why so many people came to see it. I mean, it was just rocks and sand. What was so beautiful about it?  It wasn’t until a few months ago, when I visited the botanical gardens in Denver and saw another Japanese rock garden similar to the one in Kyoto, that I finally understood the beauty of it. While there are many interpretations of the Japanese rock gardens, for me, the art is the space between the rocks.  I think the rocks represent major events or growth stages in our lives, and the sand is the space in between those times.  The space needed to grow, change and evolve so we can move to the next rock formation. The space is the art. How beautiful is that?

Often we get so caught up in wanting more and more that we forget that space is needed for us to grow and evolve as people in order to reach our next goal. Being the type-A personality that I am, I definitely get caught up in planning out my goals and am always very uncomfortable in the space between my current situation and the things I want for the future. I get all stressed out because I want it all now. I get very impatient waiting. But I’ve also come to learn that the space is necessary for me to grow into the person I need to be in order to reach my new goals. And even though I want to skip over to the next rock, I have to find comfort with where I’m at in the sand. Business coach James Ray calls this the “involution stage”—the stage in the creative process where we need to grow or learn something new in order to start to manifest the new goals or desires we have.

So what does this mean for your financial life? Well, now is the time to begin working on your personal and financial goals for 2013. Maybe in 2013 you want to pay off your debts, build $10,000 in your savings account or save $5,000 into your Roth IRA. Or maybe it’s the year you’ll finally ask for that big promotion at work or open the business you’ve always dreamed of. Whatever your big financial goals are for 2013, you need to start visualize and define them.

Once you have your list of goals, you can use the next few months to allow yourself the time and space you need to grow as a person in order to realize them. Maybe that means reading the personal finance book you ordered on Amazon five months ago. Maybe it means hiring a life coach or business coach to help you change your mindset and achieve your goals. Or maybe it means hiring a financial planner to help you create a road map in order to reach your financial goals. Whatever your goals are, it’s important to reach out and ask for help. Otherwise you may become stuck in the space and feel lost and overwhelmed by all that needs to change or happen in order for your dreams to come true. And I know exactly how uncomfortable that is.

Finally, remember to find beauty in this period of your growth cycle. I’m right there with you. The space is the art, and we need to take time to acknowledge that and remember how beautiful having this time to grow really is. Your financial goals and life goals for 2013 are doable, and you will achieve them when you clarify them, set your mind to them, and continue to take action toward them daily. That action starts from within. Trust in the journey, trust in yourself and take the next step to make what you want happen.

Brittney Castro

 

Brittney Castro (CFP®, CRPC®, AAMS® ) is Los Angeles based Certified Financial Planner specializing in helping women achieve their financial goals. She is author of “Financially Wise Women” and is a featured contributor here at the CIF blog.

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. The LPL Financial registered representative associated with this page may only discuss and/or transact securities business with residents of the following states: CA, FL, WI. CA Insurance License #0F33895. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Posted in Brittney Castro, Featured Contributors, Financial Planning, Saving Money, Women and FinanceTagged

What Do You Want for Yourself in 2013?

December 4, 2012 8:20 pmLeave a Comment

When I was working at my old financial planning firm, one of the things we were trained to do every fall was define our “Woody Woofys” for the following year.  “Woody Woofy” was our nickname for WDYWFY, or “What do you want for yourself?”  Although I thought the nickname was lame at the time, the process of mapping out your goals for the following year is one I still practice religiously today.

Actually, most of my successes in my life and career have been due to the fact that every year around this time I start to get very specific about what I want for myself next year.  WDYWFYs are not New Year’s resolutions, but rather specific goals or lifestyle changes you want to make in the following year as a way to continue your personal growth and live the life you desire for yourself. Defining exactly what you want is no easy task, but once you figure out it out, the path toward reaching your goals begins to become clearer.   

Below I’ve outlined 5 steps you can take over the next few months to create your WDYWFYs for 2013.   Let’s all come together to dream big and make 2013 the best year yet—in all areas of our lives!

Cheers to your Woody Woofys!

What do you want for yourself in 2013?

  1. First, allocate time in your calendar to dream about your desires for next year.   What do you want to add into your life next year?  Document the goals, words and pictures of your desires in each area of your life–love, career, health, money, friendships, travel, community, etc.  Give yourself permission to visualize the life of your dreams, and remember: You don’t have to justify your wants to anyone.  You can want something “just because.”  This is your life, so dream big!
  2. Review your goals every morning for at least two weeks and see if they still feel right and are realistic.  For example, one of my goals is to write a book.  After further thought, I realized that while I do want to write a book, it’s not imperative that I do it in 2013, and it’s also not likely I’ll have the time, given everything else I want to focus on next year.  I have stronger emotions toward my other goals, so I tabled the book goal until 2014.  Plus, I can always change my mind and add the book back into the list next year if it feels right.
  3. Once you have your list defined, make sure your goals are clear and specific.  A clear and specific money goal would be:  “I want to save $10,000 in my cash accounts in 2013.”  Do this for each of your goals.
  4. Next, create an action plan for each goal.   List out three to five action steps you will need to take  in order to achieve each of your goals.  For example, if one of your goals is to be healthier, your action steps may include:
  • Join a yoga studio
  • Find a workout partner
  • Cook healthier meals at home
  • Sign up for a blog about health topics
  • Also, make sure you recognize that most of us cannot become successful alone, and having help along the way is critical to our  success.
  • 5.Finally, remember to breathe and take things step by step.  As you start to plan out your goals for 2013, chances are you’ll feel incredibly excited and inspired at first, then experience stress, anxiety and fear (at least, I always do!).  When I set goals and intentions for my life and business, I get extremely impatient and want all the things on my list to happen now.  But then I realize I need time and space to grow as a person in order to reach my new goals, and that I can’t force that growth.  That’s the involution part of the creative process.  In order to take new action or evolve as a person, we first need to look within and see where we need to grow.   It can be scary and uncomfortable, and the hardest part will be to find peace in this stage, and to just be in the moment without your mind racing on and on about all the things you need to do or be in order to achieve your new goals.  When this happens to me, I do specific breathing exercises and meditations that bring me back to the present and help me find peace again.  This quote always helps me remember that all I need to do is take one step at a time:

“It is better to take many small steps in the right direction than to make a great leap forward only to stumble backward.” –Proverb

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. The LPL Financial registered representative associated with this page may only discuss and/or transact securities business with residents of the following states: CA, FL, WI. CA Insurance License #0F33895. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Brittney Castro

 

Brittney Castro (CFP®, CRPC®, AAMS® ) is Los Angeles based Certified Financial Planner specializing in helping women achieve their financial goals. She is author of “Financially Wise Women” and is a featured contributor here at the CIF blog.

Posted in Brittney Castro, Featured Contributors, Women and Finance