The Best Financial Advice I Ever Got
Don’t depend on somebody else for money
Early in my childhood, I witnessed how devastating life could be for women who were not empowered through financial education. My grandmother remained in an abusive relationship. When I was old enough to ask why, my grandmother explained that she stayed because she believed there was no other choice, as she lacked the financial stability to change her situation.
From then on, my mother insisted that I should never rely on someone else for money. That advice and experience led me to change my major in college and drove me into the finance field.
Unfortunately, my grandmother is not alone. This kind of financial dependency, and its accompanying fear and disempowerment, still exists today. About 56% of married women allow their husbands to make all of the long-term financial decisions, according to a 2018 report from UBS. Moreover, if couples divorce, women need more than a 30% increase in income to maintain the same standard of living they had prior to the divorce, and typically they never fully recover from the financial consequences of divorce, according to the Gender Differences in the Consequences of Divorce. On the other hand, men’s standard of living tends to increase by 10% after divorce. Proving why my grandmother chose to stay.
So having women educate themselves on their personal finances and understanding what’s in their portfolios is crucial for their self-confidence and relationships.
— Stacy Francis, president and CEO of Francis Financial