“You can be young without money, but you cannot be old without it.” ~Tennesse Williams

When it comes to spending money, men are from Mars and women are from Venus. I really am using the phrase tongue in cheek because money is security, and financial security is what every woman over 50 needs. Money becomes her protector, and in time, her savior. The word money brings to my mind a few essential quotes that women of all ages, especially those of an older generation, should heed.

1. “Money does not grow on trees.” Protect yourself after 50
2. “Money does not bring happiness.” Rather, satisfaction with the ‘you in you’ brings true happiness.

Money Does Not Bring Happiness

If money does not bring us happiness, what does? I lived through some very ‘dark financial times’ and believe it or not, I swear, I was happy. I was involved and felt 100% visible. I was a mother, a wife and I volunteered as the chairwoman of a charity I adored, and I bloomed.

Thinking back to that time in my life, I bloomed because of one word: satisfaction. I knew myself and matched my life with what I enjoyed. That defines the quote, “The best things in life are free.” So, to my darlings who are feeling the pinch, involve yourself in activities that match your nature. This will bring you satisfaction, otherwise known as happiness.

You can have all the monies in the world but if your relationships are not stable, you will be sad and blue, and that new dress or a trip to Paris will not bring you happiness. Work on your relationship(s). That is worth all the money in the world.

Money Does Not Grow on Trees

When I was in my early 40s, I had no idea my good judgment would save my children and myself from financial ruin after my late husband suddenly passed away in his forties. I made sure to do two things. I asked my husband to take out a life insurance policy on his life and eventually, upon noticing I was not the owner, I did something about it.

Secondly, I paid our bills. One day, I noticed I was not the owner of my husband’s insurance policy. My heart sent a signal to protect that policy ‘with my life’ by owning it. I asked him to make me the owner. It was a significant policy, and when calamity struck my little family, I had that policy to protect us. That indeed defines another quote: “A penny saved is a penny earned.” I made sure to preserve that policy, and though we were going through some financial difficulties, it was paid early each month.

Dear darlings, sit down with your spouse or significant other and go over all of his finances and his will. So many women of our generation are afraid to ask to see our husband’s assets or ask relevant questions. Be proactive. So many women are afraid to ask to see their husbands assets and debts and will. But if I had not asked to become the owner of my husband’s policy, I genuinely do not know what would have happened. Do not wait until it is too late. If you are nervous to inquire, have a glass or two of wine or a martini! Ask.

Remember, “Money does not grow on trees.” You do not want to wake up one morning, after a loss, and find yourself in the dark about your husband or significant other’s assets.

Will You Be Protected If a Calamity Strikes in Your Life?

The reality is, no one knows what life may bring. You should be aware of all your husband or significant other’s holdings in bonds, real estate, stocks and ‘ready cash.’ I have listened to many women explain their plight, and they are not pretty. Several of the women do not know what their husband’s will reads. I know of some who are shocked, some who are in legal battles and some whose children, lawyers or ‘dear’ friends are their executors and have been given control.

For those of you who have your own monies, you must be in control of your destiny. You must invest your capital wisely. Ask yourself, is it worth some of my money to have an advisor or a bank who can help me invest? I think so, but this is up to you.

Remember…

They say money is the root of all evil. I don’t agree, though it can be when we allow ourselves to be compromised.

You know money is, first and foremost, our security. You have the responsibility to protect yourself after 50. Once you have accomplished that, you will see where you stand and will be able to live your life within your means and sleep well.

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