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WOMEN GETTING

W.I.S.E.

1. KNOW WHAT YOU OWN AND WHAT YOU OWE
If you ever watched Sex and the City, there’s an episode where Carrie was trying to figure out
how she could afford a down payment for a home. Miranda pointed out Carrie’s habit of buying
expensive shoes at $400 each. She asked how many shoes did she have and Carrie said about 100.
Miranda did the math and told her she owned $40,000 worth of shoes, which could have been a
down payment. Carrie was shocked!
Ask yourself – Do you own too much of something? Can something be sold to buy a long-term
asset or pay off something you owe?

2. KNOW WHAT YOUR EXPENSES ARE AND HOW MUCH AFTER-TAX INCOME YOU EARN
I overheard a conversation the other day where one young lady was sharing how confused she was
because she earned $50,000 per year and her expenses totaled $50,000 per year but she still had
massive debt. What she forgot was that part of her income goes to taxes, so her after-tax income is
much less than $50,000. You can’t save money to build wealth if you spend more than you make.
Ask yourself – Am I spending more money than I make? Can I spend less and save more?

3. KNOW WHAT YOU VALUE AND PLAN
I listened to an excellent podcast recently and the financial planner said, “Show me where you
spend your money and your time and I’ll tell you what you value.” If you spend all your money on
shoes, like Carrie did in the show, then you don’t value building wealth and your financial security.
Ensure that your spending and savings are in alignment with your values and goals.
Ask yourself – Do I value my independence? Do I value my security? Do I want to be debt-free?
Becoming wealthy, independent, secure and educated is a process, and there’s no time like the
present to get started! Having spent 21 years in the wealth management business, I’ve learned a
number of lessons and it’s my passion to educate and empower others.
One more lesson every woman needs to know is about diversification. Owning 20 pairs of
black heels is a lot of shoes but they aren’t good for winter or exercising. You’ve got to own boots
and runners as well. Investments are similar and you want to own a variety of investments for all
‘economic seasons’ so you’re diversified.
Becoming wealthy, independent, secure and educated is a process and there’s no time like the
present to get started! I encourage you to be proactive and start learning about your personal
finances. I write a weekly educational e-newsletter as well as a monthly e-newsletter dedicated to
empowering women.
My team and I are here to help you get W.I.S.E. Contact me to receive my e-newsletters and start
the process of becoming wealthy, independent, secure and educated.

Trixie Rowein is a portfolio manager with Raymond James Ltd. The views of the author do not nec-
essarily reflect those of Raymond James. This article is for information only. Raymond James Ltd.,
member -- Canadian Investor Protection Fund.

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