I know so many women who feel inadequate when it comes to managing their money. They will try to educate themselves or even seek out professional help in the area of personal finance. Frequently this does not help them in feeling like they are overcoming their shortcomings. They may hire an adviser and feel reliant upon that individual or firm. They may get frustrated and keep putting it off. Either way they do not get past the feelings of inadequacy. They never gain a sense of power and control.
This is because marginalized groups, such as women and people of color, were never meant to have money. Our economic, political, and social structures are built upon a capitalistic and patriarchal foundation that makes it inaccessible to many women and people of color.
The inaccessibility of the monetary system and the financial service industry may manifest itself in a variety of ways. Women may internalize this and
- believe they are bad with money
- feel like they are failing at saving money and/or managing their spending
- lack knowledge as the next steps or where they can go to get help
- be confused by the financial terminology and concepts they in the media
- equate their lack of money with career/professional failure
It is not just you! So many women hold these same negative feelings and beliefs. This is because you have not been told that your money limitations are a product of our society. Rather than make finance more accessible, it is beneficial to the patriarchy if you continue to feel incompetent and inferior.
We do not need to accept this. We can translate the language of finance to be more easily understandable. We can disrupt the system by gaining knowledge and understanding of how money works for and against us. We can align our financial activity with out beliefs and values. We can learn to use our money to create the lives and futures we desire.
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Maura Madden is a registered investment adviser in the State of Washington. The Adviser may not transact business in states where it is not appropriately registered, excluded or exempted from registration. Individualized responses to persons that involve either the effecting of transaction in securities, or the rendering of personalized investment advice for compensation, will not be made without registration or exemption.